----

| **** |   | CONFORMED                COPY |
|------|--------|-------------------------------|

----

| **CLAUSE**                                                                                   |   | **PAGE**                                                                                                            |
|----------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                                                                                         |   |                                                                                                                |   |   |
| 1.                                                                                           |   | RESTATEMENT                AND INTERPRETATION                                                                       |   | 4 |
| 2.                                                                                           |   | ISSUE                OF                NOTES                                                                        |   | 12 |
| 3.                                                                                           |   | FORM                OF                NOTES                                                                         |   | 14 |
| 4.                                                                                           |   | FEES,                DUTIES                AND TAXES                                                                |   | 16 |
| 5.                                                                                           |   | GUARANTEE                AND                INDEMNITY OF REUTERS GROUP PLC                                          |   | 16 |
| 6.                                                                                           |   | COVENANT                OF                COMPLIANCE                                                                |   | 18 |
| 7.                                                                                           |   | CANCELLATION                OF NOTES AND RECORDS                                                                    |   | 18 |
| 8.                                                                                           |   | ENFORCEMENT                                                                                                         |   | 19 |
| 9.                                                                                           |   | PROCEEDINGS,                ACTION AND INDEMNIFICATION                                                              |   | 19 |
| 10.                                                                                          |   | APPLICATION                OF MONEYS                                                                                |   | 19 |
| 11.                                                                                          |   | NOTICE                OF                PAYMENTS                                                                    |   | 20 |
| 12.                                                                                          |   | INVESTMENT                BY                TRUSTEE                                                                 |   | 20 |
| 13.                                                                                          |   | PARTIAL                PAYMENTS                                                                                     |   | 20 |
| 14.                                                                                          |   | COVENANTS                                                                                                           |   | 21 |
| 15.                                                                                          |   | REMUNERATION                OF TRUSTEE                                                                              |   | 24 |
| 16.                                                                                          |   | SUPPLEMENT                TO                TRUSTEE ACTS                                                            |   | 25 |
| 17.                                                                                          |   | TRUSTEE’S                LIABILITY                                                                            |   | 28 |
| 18.                                                                                          |   | TRUSTEE                CONTRACTING WITH RG AND RF                                                                   |   | 28 |
| 19.                                                                                          |   | WAIVER,                AUTHORISATION AND DETERMINATION                                                              |   | 29 |
| 20.                                                                                          |   | HOLDER                OF                DEFINITIVE NOTE ASSUMED TO BE RECEIPTHOLDER AND                COUPONHOLDER |   | 29 |
| 21.                                                                                          |   | SUBSTITUTION                                                                                                        |   | 30 |
| 22.                                                                                          |   | CURRENCY                INDEMNITY                                                                                   |   | 32 |
| 23.                                                                                          |   | NEW                TRUSTEE                                                                                          |   | 33 |
| 24.                                                                                          |   | TRUSTEE’S                RETIREMENT AND REMOVAL                                                               |   | 33 |
| 25.                                                                                          |   | TRUSTEE’S                POWERS TO BE ADDITIONAL                                                              |   | 34 |
| 26.                                                                                          |   | NOTICES                                                                                                             |   | 34 |
| 27.                                                                                          |   | GOVERNING                LAW                                                                                        |   | 35 |
| 28.                                                                                          |   | COUNTERPARTS                                                                                                        |   | 35 |
| 29.                                                                                          |   | CONTRACTS                (RIGHTS OF THIRD PARTIES) ACT 1999                                                         |   | 35 |
| SCHEDULE 1                                                                              |   | 36                                                                                                                  |
| TERMS              AND              CONDITIONS OF THE NOTES                                  |   | 36                                                                                                                  |
| SCHEDULE              2                                                                      |   | 54                                                                                                                  |
| FORMS              OF              GLOBAL AND DEFINITIVE NOTES, RECEIPTS, COUPONS AND TALONS |   | 54                                                                                                                  |
| PART              I                                                                          |   | 54                                                                                                                  |
| FORM              OF              TEMPORARY GLOBAL NOTE                                      |   | 54                                                                                                                  |
| EXCHANGES              FOR              DEFINITIVE NOTES OR PERMANENT GLOBAL NOTE            |   | 64                                                                                                                  |
| PART              II                                                                         |   | 65                                                                                                                  |
| FORM              OF              PERMANENT GLOBAL NOTE                                      |   | 65                                                                                                                  |
| PART              III                                                                        |   | 77                                                                                                                  |
| FORM              OF              DEFINITIVE NOTE                                            |   | 77                                                                                                                  |
| PART              IV                                                                         |   | 84                                                                                                                  |
| FORM              OF              RECEIPT                                                    |   | 84                                                                                                                  |
| PART              V                                                                          |   | 85                                                                                                                  |
| FORM              OF              COUPON                                                     |   | 85                                                                                                                  |
| PART              VI                                                                         |   | 86                                                                                                                  |
| FORM              OF              TALON                                                      |   | 86                                                                                                                  |
| PART              VII                                                                        |   | 88                                                                                                                  |
| FORM              OF              CERTIFICATE TO BE PRESENTED BY                             |   | 88                                                                                                                  |
| EUROCLEAR              OR              CLEARSTREAM, LUXEMBOURG                               |   | 88                                                                                                                  |
| SCHEDULE 3                                                                              |   | 92                                                                                                                  |
| PROVISIONS              FOR MEETINGS OF NOTEHOLDERS                                          |   | 92                                                                                                                  |

----

| (1) | **REUTERS                GROUP PLC**,                a company                incorporated under the laws of England, whose registered office is                at The                Reuters Building, South Colonnade, Canary Wharf, London E14 5EP                (**“RG”**                and the                **“Guarantor”**);                and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | **REUTERS                FINANCE PLC**,                a company                incorporated under the laws of England, whose registered office is                at The                Reuters Building, South Colonnade, Canary Wharf, London E14 5EP                (**“RF”**,                and                together with RG in its capacity as an issuer, the **“Issuers”**                and each an                **“Issuer”**);                and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | **CITICORP                TRUSTEE COMPANY LIMITED**,                a company                incorporated under the laws of England, of Citigroup Centre, Canada                Square, Canary Wharf, London E14 5LB (the **“Trustee”**,                which                expression shall, wherever the context so admits, include such company                and                all other persons or companies for the time being the trustee or                trustees                of these presents) as trustee for the Noteholders and Couponholders                (each                as defined below). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | By                a                resolution of the Board of Directors of RG dated 15 December 1998                RG                resolved to establish a £1,000,000,000 Euro Medium Term Note Programme. RG                proposes to issue from time to time euro medium term notes up to                a maximum                nominal amount from time to time outstanding of £1,000,000,000 (subject to                increase as provided in the Programme Agreement (as defined below))                (the                **“Programme                Limit”**)                pursuant to                the said Programme. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                Trustee                has agreed to act as trustee of these presents for the benefit of                the                Noteholders and Couponholders upon and subject to the terms and conditions                of these presents. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | RG                and the                Trustee entered into a Trust Deed dated 16 December 1998 (the **“Principal                Trust Deed”**)                relating to                the Programme as modified by a First Supplemental Trust Deed dated                30                March 2001 and as further modified by a Second Supplemental Trust                Deed                dated 10 April 2003 and an Amended and Restated Trust Deed dated                7 November 2003 between the same parties to this Trust Deed (each                together with the Principal Trust Deed, the **“Original                Trust Deed”**). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Clause                18(B)                of the Principal Trust Deed provides that the Trustee may without                the                consent or sanction of the Noteholders or Couponholders at any time                and                from time to time concur with RG in making any modification to the                Original Trust Deed (*inter                alia*)                which in                the opinion of the Trustee it may be proper to make provided that                the                Trustee is of the opinion that such modification will not be materially                prejudicial to the interests of the                Noteholders. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | RG                has                requested the Trustee to concur in making modifications to the Original                Trust Deed hereinafter contained. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The                Trustee,                being of the opinion that the modifications referred to in Recital                (7)                above are not materially prejudicial to the interests of the Noteholders,                has agreed to concur with the Issuers in making such modifications                and has                agreed that notice of such modifications need not be given to the                Noteholders. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

3

----

| 1. | **RESTATEMENT                AND INTERPRETATION** |
|----|---------------------------------------------------|

| 1.1 | In                respect of                all Notes to be issued under the Programme on or after the date hereof,                with effect from the date hereof, the provisions of the Original                Trust                Deed shall be amended and restated and shall take effect in the form                set                out in this Deed and all references to “the Trust Deed”, “this Deed”,                “hereof”, “hereunder” and related expressions in this Deed shall be                construed as references to the Original Trust Deed as so amended                and                restated. This amendment and restatement shall not affect any Notes                issued                under the Programme prior to the date                hereof. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | A                Memorandum                of this Trust Deed shall be endorsed by the Trustee on the Principal                Trust                Deed and by RG on its duplicate                thereof. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | In                these                presents unless there is anything in the subject or context inconsistent                therewith the following expressions shall have the following                meanings: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

4

----

|   | (a) | if                appertaining to a Fixed Rate Note, in the form or substantially in                the                form set out in Section A of Part V of Schedule 2 or in such other                form,                having regard to the terms of issue of the Notes of the relevant                Series,                as may be agreed between the relevant Issuer, the Agent, the Trustee                and                the relevant Dealer(s); or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if                appertaining to a Floating Rate Note or an Index-Linked Interest                Note, in                the form or substantially in the form set out in Section B of Part                V of                Schedule 2 or in such other form, having regard to the terms of issue                of                the Notes of the relevant Series, as may be agreed between the relevant                Issuer, the Agent, the Trustee and the relevant Dealer(s);                or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if                appertaining to a Definitive Note which is neither a Fixed Rate Note                nor a                Floating Rate Note nor an Index-Linked Interest Note, in such form                as may                be agreed between the relevant Issuer, the Agent, the Trustee and                the                relevant Dealer(s), |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

5

----

|   | (a) | the                date                which falls the number of months or other period specified as the                **“Interest                Period”**                in the                applicable Final Terms after the preceding Interest Payment Date                or the                Interest Commencement Date (in the case of the first Interest Payment                Date); or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | such                date or                dates as are indicated in the applicable Final                Terms; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

6

----

|   | (a) | has                such                maturity as may be agreed between the relevant Issuer and the relevant                Dealer(s), subject to such minimum or maximum maturity as may be                allowed                or required from time to time by the relevant central bank (or equivalent                body) or any laws or regulations applicable to the relevant Issuer                or the                relevant currency; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | has                such                denomination as may be agreed between the relevant Issuer and the                relevant                Dealer(s) subject to such minimum denomination as may be allowed                or                required from time to time by the relevant central bank (or equivalent                body) or any laws or regulations applicable to the relevant                currency, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

7

----

|   | (a) | the                right to                attend and vote at any meeting of the holders of Notes of any one                or more                Series; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                determination of how many and which Notes of any Series are for the                time                being outstanding for the purposes of Conditions 9, 10 and 15 and                paragraphs 2, 5, 6 and 9 of Schedule                3; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any                discretion, power or authority (whether contained in these presents                or                vested by operation of law) which the Trustee is required, expressly                or                impliedly, to exercise in or by reference to the interests of the                holders                of the Notes of any Series; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                certification (where relevant) by the Trustee as to whether any of                the                events mentioned in Condition 9 is, in its opinion, materially prejudicial                to the interests of the holders of the Notes of any                Series; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

8

----

9

----

10

----

| 1.4 | (a) | All                references in these presents to principal and/or principal amount                and/or                interest in respect of the Notes or to any moneys payable by the                relevant                Issuer under these presents shall, unless the context otherwise requires,                be construed in accordance with Condition                5(f). |
|-----|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All                references in these presents to any statute or any provision of any                statute shall be deemed also to refer to any statutory modification                or                re-enactment thereof or any statutory instrument, order or regulation                made                thereunder or under any such modification or                re-enactment. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | All                references in these presents to guarantees or to an obligation being                guaranteed shall be deemed to include respectively references to                indemnities or to an indemnity being given in respect                thereof. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | All                references in these presents to any action, remedy or method of proceeding                for the enforcement of the rights of creditors shall be deemed to                include,                in respect of any jurisdiction other than England, references to                such                action, remedy or method of proceeding for the enforcement of the                rights                of creditors available or appropriate in such jurisdiction as shall                most                nearly approximate to such action, remedy or method of proceeding                described or referred to in these                presents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | All                references in these presents to taking proceedings against the relevant                Issuer shall be deemed to include references to proving in the winding                up                of the relevant Issuer. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | All                references to Euroclear and/or Clearstream, Luxembourg shall, whenever                the                context so permits, be deemed to include references to any additional                or                alternative clearance system approved by the relevant Issuer, the                Agent                and the Trustee. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Unless                the                context otherwise requires words or expressions used in these presents                shall bear the same meanings as in the Companies Act 1985 of Great                Britain. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | In                this Trust                Deed references to Schedules, Clauses, sub-clauses, paragraphs and                sub-paragraphs shall be construed as references to the Schedules                to this                Trust Deed and to the Clauses, sub-clauses, paragraphs and sub-paragraphs                of this Trust Deed respectively. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | In                these                presents tables of contents and Clause headings are included for                ease of                reference and shall not affect the construction of these                presents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | Words                and                expressions defined in these presents or the Agency Agreement or                used in                the applicable Final Terms shall have the same meanings where used                herein                unless the context otherwise requires or unless otherwise stated                and                provided that, in the event of inconsistency between the Agency Agreement                and these presents, these presents                shall |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

11

----

|  | prevail                  and,                  in the event of inconsistency between the Agency Agreement or these                  presents and the applicable Final Terms, the applicable Final Terms                  shall                  prevail. |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6 | All                references in these presents to the **“relevant                currency”**                shall be                construed as references to the currency in which payments in respect                of                the Notes and/or Receipts and/or Coupons of the relevant Series are                to be                made as indicated in the applicable Final                Terms. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.7 | All                references in these presents to Notes having a **“listing”**                or being                **“listed”**                shall, in                relation to the London Stock Exchange, be construed to mean that                such                Notes have been admitted to the Official List and admitted to trading                on                the London Stock Exchange’s market for listed securities. All references                in these presents to **“listing”**                and                **“listed”**                shall                include references to **“quotation”**                and                **“quoted”**                respectively. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | **ISSUE                OF NOTES** |
|----|-----------------------------------|

| 2.1 | The                Notes                will be issued in Series in an aggregate nominal amount from time                to time                outstanding not exceeding the Programme Limit from time to time and                for                the purpose of determining such aggregate nominal amount Clause 3(5)                of                the Programme Agreement shall                apply. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | As                and when                the Notes of any Series or any of them or any instalment of principal                in                respect thereof become(s) due to be redeemed in accordance with the                Conditions, the relevant Issuer or the Guarantor (if applicable)                shall                unconditionally pay or procure to be paid to or to the order of the                Trustee in the relevant currency in immediately available funds the                principal amount in respect of the Notes of such Series or the amount                of                such instalment becoming due for redemption on that date and (except                in                the case of Zero Coupon Notes) shall (subject to the provisions of                the                Conditions) in the meantime and until redemption in full of the Notes                of                such Series (as well after as before any judgment or other order                of any                court of competent jurisdiction) unconditionally pay or procure to                be paid                to or to the order of the Trustee as aforesaid interest on the nominal                amount of the Notes outstanding of such Series at rates and/or in                amounts                calculated from time to time in accordance with or specified in,                and on                the dates provided for in, the Conditions (subject to Clause 2(D))                provided that (i) every payment of principal or interest or other                sum due                in respect of the Notes made to or to the order of the Agent in the                manner                provided in the Agency Agreement shall be in satisfaction *pro                tanto*                of the                relevant covenant by the relevant Issuer in this Clause contained                in                relation to the Notes of such |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

12

----

|   | Series                  except                  to the extent that there is a default in the subsequent payment                  thereof in                  accordance with the Conditions to the relevant Noteholders or                  Couponholders (as the case may be); (ii) in the case of any payment                  of                  principal made to the Trustee or the Agent after the due date or                  on or                  after accelerated maturity following an Event of Default, interest                  shall                  continue to accrue on the principal amount of the relevant Notes                  (except                  in the case of Zero Coupon Notes, to which the provisions of Condition                  6(j) shall apply) at the rates and/or in the amounts aforesaid                  up to and                  including the date (being not later than 30 days after the day                  on which                  the whole of such principal amount, together with an amount equal                  to the                  interest which has accrued and is to accrue pursuant to this proviso                  up to                  and including that date, has been received by the Trustee or the                  Agent)                  which the Trustee determines to be the date on and after which                  payment is                  to be made in respect thereof as stated in a notice given to the                  holders                  of such Notes; and (iii) in any case where payment of the whole                  or any                  part of the principal amount of any Note is improperly withheld                  or refused                  upon due presentation thereof (other than in circumstances contemplated                  by                  (ii) above) interest shall accrue on the principal amount of such                  Note                  (except in the case of Zero Coupon Notes, to which the provisions                  of                  Condition 6(j) shall apply) payment of which has been so withheld                  or                  refused at the rates and/or in the amounts aforesaid from the date                  of such                  withholding or refusal until the date on which, upon further presentation                  of the relevant Note, payment of the full amount (including interest                  as                  aforesaid) in the relevant currency payable in respect of such                  Note is                  made or (if earlier) the day after notice is given to the relevant                  Noteholder (whether individually or in accordance with Condition                  14) that                  the full amount (including interest as aforesaid) in the relevant                  currency                  in respect of such Note is available for payment, provided that,                  upon                  further presentation thereof being duly made, such payment is                  made. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | At                any time                after an Event of Default or a Potential Event of Default shall have                occurred the Trustee may: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | by                notice in                writing to the relevant Issuer, the Guarantor (if applicable), the                Agent                and the other Paying Agents require the Agent and the other Paying                Agents                pursuant to the Agency Agreement: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to                act                thereafter as Agent and other Paying Agents respectively of the Trustee                in                relation to payments to be made by or on behalf of the Trustee under                the                provisions of these presents *mutatis                mutandis*                on the terms                provided in the Agency Agreement (save that the Trustee’s liability under                any provisions thereof for the indemnification, remuneration and                payment                of out-of-pocket expenses of the Paying Agents shall be limited to                the                amounts for the time being held by the Trustee on the trusts of these                presents relating to the relative Notes and available for such purpose)                and thereafter to hold all Notes and Coupons and all sums, documents                and                records held by them in respect of Notes and Coupons on behalf of                the                Trustee; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to                deliver up                all Notes and Coupons and all sums, documents and records held by                them in                respect of Notes and Coupons to the Trustee or as the Trustee shall                direct                in such notice provided that such notice shall be deemed not to apply                to                any documents or records which the relevant Paying Agent is obliged                not to                release by any law or regulation;                and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | by                notice in                writing to the relevant Issuer and the Guarantor (if applicable)                require                it to make all subsequent payments in respect of the Notes and Coupons                to                or to the order of the Trustee and not to the Agent; with effect                from the                issue of any such notice to the relevant Issuer and the Guarantor                (if                applicable) and unless and until such notice is withdrawn proviso                (i) to                sub-clause (B) of this Clause shall cease to have                effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

13

----

|   | (c) | If                the                Floating Rate Notes or Index-Linked Interest Notes of any Series                become                immediately due and repayable under Condition 9 the rate and/or amount                of                interest payable in respect of them will be calculated at the same                intervals as if such Notes had not become due and repayable, the                first of                which will commence on the expiry of the Interest Period during which                th e                Notes of the relevant Series become so due and repayable *mutatis                mutandis*                in                accordance with the provisions of Condition 9 except that the rates                and/or                amounts of interest need not be                published. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | All                payments                in respect of, under and in connection with these presents and the                Notes                of any Series to the relevant Noteholders and Couponholders shall                be made                in the relevant currency. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | The                relevant                Issuer shall be at liberty from time to time (but subject always                to the                provisions of these presents) without the consent of the Noteholders                or                Couponholders to create and issue further Notes ranking *pari                passu*                in all                respects (or in all respects save for the date from which interest                thereon                accrues and the amount of the first payment of interest on such further                Notes), and so that the same shall be consolidated and form a single                Series, with the outstanding Notes of a particular                Series. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | The                Notes of                each Series shall form a separate Series of Notes and accordingly,                unless                for any purpose the Trustee in its absolute discretion shall otherwise                determine, the provisions of this Clause and of Clauses 3 to 22 (both                inclusive) and 23(B) and Schedule 3 shall apply *mutatis                mutandis*                separately                and independently to the Notes of each Series and in such Clauses                and                Schedule the expressions **“Notes”**,                **“Noteholders”**,                **“Receipts”**,                **“Receiptholders”**,                **“Coupons”**,                **“Couponholders”**,                **“Talons”**                and                **“Talonholders”**                shall be                construed accordingly. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **FORM                OF NOTES** |
|----|----------------------------------|

| 3.1 | The                Notes of                each Tranche will initially be represented on issue by either a single                Temporary Global Note or a single Permanent Global Note. Each Temporary                Global Note shall be exchangeable for either Definitive Notes together                with, where applicable, Receipts and (except in the case of Zero                Coupon                Notes) Coupons and, where applicable, Talons attached or a Permanent                Global Note, in each case in accordance with the provisions set out                therein. Each Permanent Global Note shall be exchangeable for Definitive                Notes together with, where applicable, Receipts and (except in the                case of                Zero Coupon Notes) Coupons and, where applicable, Talons attached,                all as                set out in such Permanent Global Note. All Global Notes shall be                prepared,                completed and delivered to a common depositary for Euroclear and                Clearstream, Luxembourg in accordance with the provisions of the                Programme                Agreement or to another appropriate depositary in accordance with                any                other agreement between the relevant Issuer and the relevant Dealer(s)                and, in each case, the Agency                Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | The                Global                Notes, the Definitive Notes, the Receipts, the Coupons and the Talons                shall be in bearer form. The Global Notes may be facsimile or photocopies                and each shall have annexed thereto a copy of the applicable Final                Terms.                The Definitive Notes, the Receipts, the Coupons and the Talons shall                be                serially numbered and, if listed or quoted, shall be security printed                in                accordance with the requirements (if any) from time to time of the                relevant Stock Exchange and the relevant Conditions shall be incorporated                by reference (where applicable to this Trust Deed) into such Definitive                Notes if permitted by the |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

14

----

|   | relevant Stock Exchange              (if              any) or, if not so permitted, the Definitive Notes shall be endorsed              with              or have attached thereto the relevant Conditions, and, in either such              case, the Definitive Notes shall have endorsed thereon or attached              thereto              the relevant information supplementing, replacing or modifying the              Conditions appearing in the applicable Final Terms. Title to the Global              Notes, the Definitive Notes, the Receipts, the Coupons and the Talons              shall pass by delivery. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | The                Global                Notes shall be signed manually or in facsimile by an Authorised Signatory                of the relevant Issuer and shall be authenticated by an authorised                signatory on behalf of the Agent. The Definitive Notes shall be signed                in                facsimile by an Authorised Signatory of the relevant Issuer and the                Definitive Notes shall be authenticated by an authorised signatory                on                behalf of the Agent. The relevant Issuer may use the facsimile signature                of any person who at the date such signature is affixed is an Authorised                Signatory of the relevant Issuer even if at the time of issue of                the                relevant Global Notes or Definitive Notes he may have ceased for                any                reason to be so authorised. The Receipts, Coupons and Talons shall                not be                signed. The Global Notes and Definitive Notes so executed and                authenticated, and the Receipts, Coupons and Talons, upon execution                and                authentication of the relevant Definitive Notes, shall be binding                and                valid obligations of the relevant Issuer. No Global Note or Definitive                Note and none of the Receipts, Coupons or Talons appertaining to                such                Definitive Note shall be binding or valid until such Global Note                or                Definitive Note (as the case may be) shall have been executed and                authenticated as aforesaid. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Except                as                ordered by a court of competent jurisdiction or as required by law                the                relevant Issuer, the Guarantor (if applicable), the Trustee, the                Agent and                any other Paying Agent shall (subject as set out below) be entitled                to                deem and treat the bearer of any Note, Receipt, Coupon or Talon as                the                absolute owner thereof (whether or not such Note, Receipt, Coupon                or Talon                shall be overdue and notwithstanding any notice to the contrary or                any                notation of ownership or writing thereon or notice of any previous                loss or                theft thereof) for the purpose of making payment thereon and for                all other                purposes. For so long as any of the Notes is represented by a Global                Note                held on behalf of Euroclear and/or Clearstream, Luxembourg, each                person                (other than Euroclear or Clearstream, Luxembourg) who is for the                time                being shown in the records of Euroclear or Clearstream, Luxembourg                as the                holder of a particular nominal amount of such Notes (in which regard                any                certificate or other document issued by Euroclear or Clearstream,                Luxembourg as to the nominal amount of such Notes standing to the                account                of any person shall be conclusive and binding for all purposes save                in the                case of manifest error) shall be deemed to be and shall be treated                by the                relevant Issuer, the Guarantor (if applicable), the Trustee, the                Agent and                any other Paying Agent as the holder of such nominal amount of such                Notes                (and the holder of the relevant Global Note shall be deemed not to                be the                holder) for all purposes of these presents other than with respect                to the                payment of principal and interest on such Notes, the right to which                shall                be vested, as against the relevant Issuer and the Guarantor (if                applicable), solely in the bearer of the Global Note in accordance                with                and subject to its terms (or the Trustee in accordance with these                presents) (and the expressions **“Noteholder”**,                **“holder                of Notes”**                and related                expressions shall be construed accordingly). Notes which are represented                by a Global Note will be transferable only in accordance with the                rules                and procedures for the time being of Euroclear and/or Clearstream,                Luxembourg, as the case may be. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | The                relevant                Issuer and the Trustee may call for and, except in the case of manifest                error, shall be at liberty to accept and place full reliance on as                sufficient evidence thereof a certificate or letter of confirmation                issued                on behalf of Euroclear or Clearstream, Luxembourg or any form of                record                made by either of them to the effect that at any particular time                or                throughout any particular period any particular person is, was, or                will                be, shown in its records as the holder of a particular nominal amount                of                Notes represented by a Global Note. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

15

----

| 4. | **FEES,                DUTIES AND TAXES** |
|----|-------------------------------------------|

| 5. | **GUARANTEE                AND INDEMNITY OF REUTERS GROUP                PLC** |
|----|--------------------------------------------------------------------------------|

| 5.1 | The                Guarantor                unconditionally and irrevocably guarantees to the Trustee (i) the                due and                punctual payment by RF of any sum payable by it under these presents,                the                Notes, the Receipts or the Coupons by the time and on the date specified                for such payment (whether on the normal due date, on acceleration                or                otherwise); and (ii) the due and punctual performance and observance                by RF                of each of the other provisions of these presents, the Notes, the                Receipts                and the Coupons on RF’s part to be performed or observed. The Guarantor                shall pay any sum falling due under this Guarantee and Indemnity                to or to                the order of the Trustee, in the manner provided in Clause 2(B) and                (D)                (or if in respect of sums due under Clause 15, in the currency which                was                originally contracted in immediately available funds) before close                of                business on that date in the city to which payment is so to be made.                Clauses 2(B)(i), 2(B)(ii) and 2(B)(iii) shall apply (with consequential                amendments as necessary) to such payments other than those in respect                of                sums due under Clause 15. All payments under this Guarantee by the                Guarantor shall be made subject to Condition 5 and sub-Clause                14(xiv). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | As                between                the Guarantor and the Trustee, the Noteholders and the Couponholders                but                without affecting RF’s obligations, the Guarantor shall be liable under                this Guarantee and Indemnity as if it were the sole principal debtor                and                not merely a surety (but without affecting RF’s obligations) to the intent                that the holder of the Notes or the holder of a Receipt or Coupon                or the                Trustee (as the case may be) shall receive the same amounts in respect                of                principal, premium, interest or such other amount as would have been                receivable had such payments been made by RF. Accordingly, it shall                not be                discharged, nor shall its liability be affected, by anything that                would                not discharge it or affect its liability if it were the sole principal                debtor (including (1) any time, indulgence, waiver or consent at                any time                given to RF or any other person, (2) any amendment to any other provisions                of these presents or to the Conditions of the Notes or to any security                or                other guarantee or indemnity, (3) the making or absence of any demand                on                RF or any other person for payment, (4) the enforcement or absence                of                enforcement of this Trust Deed, the Notes, the Receipts or the Coupons                or                of any security or other guarantee or indemnity, (5) the taking,                existence                or release of any security, guarantee or indemnity, (6) the dissolution,                amalgamation, reconstruction or reorganisation of RF or any other                person,                (7) the illegality, invalidity or unenforceability of, or of any                defence                or counterclaim whatsoever available to RF in relation to, or any                defect                in any provision of, this Trust Deed, the Notes, the Receipts or                the                Coupons or any of RF’s obligations under any of them, (8) any                circumstances which have resulted in RF being prevented from making                payment by foreign exchange provisions applicable at its place of                registration or incorporation or (9) whether or not any other                circumstances have occurred which might otherwise constitute a legal                or                equitable discharge of or a defence to a                guarantor). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | The                Guarantor’s obligations under this Guarantee and Indemnity are and shall                remain in full force and effect by way of continuing security until                no sum                remains payable under this Trust Deed, the Notes, the Receipts or                the                Coupons. Furthermore, those obligations of the Guarantor are additional                to, and not instead of, any security or other guarantee or indemnity                at                any time existing in favour of any person, whether from the Guarantor                or                otherwise and may be enforced without first having recourse to RF,                any                other person, any security or any other guarantee or indemnity. The                Guarantor irrevocably waives all notices and demands of any kind.                Furthermore, the Trustee may refrain from applying                or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

16

----

|   | enforcing                any                other moneys, security or rights held or received by it in respect                of                those amounts, or apply and enforce the same in such manner and order                as                it sees fit (whether against those amounts or otherwise), and the                Guarantor shall not be entitled to the benefit of the same and may                hold in                a suspense account any moneys received from the Guarantor or on account                of                the Guarantor’s liability under this Guarantee and Indemnity, without                liability to pay interest on those                moneys. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | So                long as                any sum remains payable under this Trust Deed, the Notes, the Receipts                or                the Coupons: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any                right of                the Guarantor, by reason of the performance of any of its obligations                under this Guarantee and Indemnity, to be indemnified by RF or to                take the                benefit of or to enforce any security or other guarantee or indemnity                shall be exercised and enforced by the Guarantor only in such manner                and                on such terms as the Trustee may require or approve;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                amount                received or recovered by the Guarantor (a) as a result of any exercise                of                any such right or (b) in the dissolution, amalgamation, reconstruction                or                reorganisation of RF shall be held in trust for the Trustee and                immediately paid to the Trustee and the Trustee shall hold it on                the                trusts set out in Clause 10. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Without                prejudice to the provisions of Clause 8 the Trustee may determine                from                time to time whether or not it will enforce this Guarantee and Indemnity                which it may do without making any demand of or taking any proceedings                against RF and may from time to time make any arrangement or compromise                with the Guarantor in relation to this Guarantee and Indemnity which                the                Trustee may consider expedient in the interests of the                Noteholders. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | The                Guarantor                shall on demand indemnify the Trustee, each Noteholder and each                Couponholder against any cost, loss, expense or liability sustained                or                incurred by it as a result of it being required for any reason (including                any bankruptcy, insolvency, winding-up, dissolution, or similar law                of any                jurisdiction) to refund all or part of any amount received or recovered                by                it in respect of any sum payable by RF under this Trust Deed, the                Notes or                the Receipts or Coupons relating to the Notes and shall in any event                pay                to it on demand the amount as refunded by                it. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | As                separate,                independent and alternative stipulations, the Guarantor unconditionally                and irrevocably agrees (1) that any sum that, although expressed                to be                payable by RF under this Trust Deed, the Notes or the Receipts or                the                Coupons, is for any reason (whether or not now existing and whether                or not                now known or becoming known to RF, the Guarantor, the Trustee or                any                Noteholder or Couponholder) not recoverable from the Guarantor on                the                basis of a guarantee shall nevertheless be recoverable from it as                if it                were the sole principal debtor and shall be paid by it to the Trustee                on                demand and (2) as a primary obligation to indemnify the Trustee,                each                Noteholder and each Couponholder against any loss suffered by it                as a                result of any sum expressed to be payable by RF under these presents,                the                Notes or the Receipts or Coupons not being paid on the date and otherwise                in the manner specified in these presents or any payment obligation                of RF                under these presents, the Notes, the Receipts or the Coupons being                or                becoming void, voidable or unenforceable for any reason (whether                or not                now existing and whether or not now known or becoming known to the                Trustee, any Noteholder or any Couponholder), the amount of that                loss                being the amount expressed to be payable by RF in respect of the                relevant                sum. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.8 | The                obligations of the Guarantor under these presents, the Notes, the                Receipts                and the Coupons constitute direct, unconditional and (subject to                the                provisions of Condition 3) unsecured obligations of the Guarantor                and                (subject as aforesaid) rank and will rank*pari                passu*                with all                other outstanding unsecured and unsubordinated obligations of the                Guarantor, present and future, but, in the event of insolvency, only                to                the extent permitted by applicable laws relating to creditors’                rights. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

17

----

| 6. | **COVENANT                OF COMPLIANCE** |
|----|-------------------------------------------|

| 7. | **CANCELLATION                OF NOTES AND RECORDS** |
|----|------------------------------------------------------|

| 7.1 | The                relevant                Issuer shall procure that all Notes (i) redeemed or (ii) purchased                by or                on behalf of the relevant Issuer, the Guarantor (if applicable),                or any                Subsidiary of the relevant Issuer or the Guarantor and surrendered                for                cancellation or (iii) which, being mutilated or defaced, have been                surrendered and replaced pursuant to Condition 11 or (iv) exchanged                as                provided in these presents (together in each case with all unmatured                Coupons attached thereto or delivered therewith) and all Coupons                paid in                accordance with the Conditions or which, being mutilated or defaced,                have                been surrendered and replaced pursuant to Condition 11 and all Talons                exchanged in accordance with the Conditions for further Coupons shall                forthwith be cancelled by or on behalf of the relevant Issuer and                a                certificate stating: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                aggregate                nominal amount of Notes which have been redeemed and the aggregate                amounts                in respect of Receipts and Coupons which have been                paid; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                serial                numbers of such Notes in definitive form and                Receipts; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (c) | the                total                numbers (where applicable, of each denomination) by maturity date                of such                Coupons; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                aggregate                amount of interest paid (and the due dates of such payments) on Global                Notes; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                aggregate                nominal amount of Notes (if any) which have been purchased by or                on behalf                of the relevant Issuer, the Guarantor (if applicable) or any Subsidiary                of                the relevant Issuer or the Guarantor and cancelled and the serial                numbers                of such Notes in definitive form and Receipts and the total number                (where                applicable, of each denomination) by maturity date of the Receipts,                Coupons and Talons attached thereto or surrendered                therewith; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the                aggregate                nominal amounts of Notes and Receipts and the aggregate amounts in                respect                of Coupons which have been so exchanged or surrendered and replaced                and                the serial numbers of such Notes in definitive form and Receipts                and the                total number (where applicable, of each denomination) by maturity                date of                such Coupons and Talons; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the                total                number (where applicable, of each denomination) by maturity date                of                unmatured Coupons missing from Notes in definitive form bearing interest                at a fixed rate which have been redeemed or exchanged or surrendered                and                replaced and the serial numbers of the Notes in definitive form to                which                such missing unmatured Coupons appertained;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | the                total                number (where applicable, of each denomination) by maturity date                of Talons                which have been exchanged for further                Coupons |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

18

----

| 7.2 | The                relevant                Issuer and the Guarantor (if applicable) shall procure (i) that the                Agent                shall keep a full and complete record of all Notes and Coupons (other                than                serial numbers of Coupons) and of their redemption, purchase for                cancellation by or on behalf of the relevant Issuer, the Guarantor                (if                applicable) or any Subsidiary of the relevant Issuer or the Guarantor                (if                applicable), cancellation, payment or exchange (as the case may be)                and of                all replacement notes or coupons issued in substitution for lost,                stolen,                mutilated, defaced or destroyed Notes or Coupons (ii) that the Agent                shall                in respect of the Coupons of each maturity retain (in the case of                Coupons                other than Talons) until the expiry of ten years from the Relevant                Date in                respect of such Coupons and (in the case of Talons) indefinitely                either                all paid or exchanged Coupons of that maturity or a list of the serial                numbers of Coupons of that maturity still remaining unpaid or unexchanged                and (iii) that such records and Coupons (if any) shall be made available                to the Trustee at all reasonable                times. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | **ENFORCEMENT** |
|----|-----------------|

| 8.1 | The                Trustee                may at any time, at its discretion and without notice, take such                proceedings and/or other action as it may think fit against or in                relation                to the relevant Issuer and the Guarantor (if applicable) to enforce                its                obligations under these presents. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Proof                that as                regards any specified Note or Coupon the relevant Issuer or the Guarantor                (if applicable) has made default in paying any amount due in respect                of                such Note or Coupon shall (unless the contrary be proved) be sufficient                evidence that the same default has been made as regards all other                Notes or                Coupons (as the case may be) in respect of which the relevant amount                is                due and payable. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | **PROCEEDINGS,                ACTION AND INDEMNIFICATION** |
|----|------------------------------------------------------------|

| 9.1 | The                Trustee                shall not be bound to take any proceedings mentioned in Clause 8(A)                or any                other action in relation to these presents unless respectively directed                or                requested to do so (i) by an Extraordinary Resolution or (ii) in                writing                by the holders of at least one-fifth in nominal amount of the Notes                then                outstanding and in either case then only if it shall be indemnified                and,                if it so requires, secured (whether by way of advance payment or                otherwise) to its satisfaction against all Liabilities to which it                may                thereby render itself liable or which it may incur by so doing. If                the                Trustee is obliged to make any determination or certification of                material                prejudice or otherwise under the terms of these presents or the Agency                Agreement, the Trustee shall not be bound to take any action until                it is                indemnified and, if it so requires, secured (whether by way of advance                payment or otherwise) to its                satisfaction. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | Only                the                Trustee may enforce the provisions of these presents. No Noteholder                or                Coupouholder shall be entitled to proceed directly against the relevant                Issuer or the Guarantor (if applicable) to enforce the performance                of any                of the provisions of these presents unless the Trustee having become                bound                as aforesaid to take proceedings fails to do so within a reasonable                period                and such failure is continuing. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | **APPLICATION                OF MONEYS** |
|-----|------------------------------------------|

19

----

| 11. | **NOTICE                OF PAYMENTS** |
|-----|---------------------------------------|

| 12. | **INVESTMENT                BY TRUSTEE** |
|-----|------------------------------------------|

| 12.1 | If                the amount                of the moneys at any time available for the payment of principal                and                interest in respect of the Notes under Clause 10 shall be less than                10 per                cent. of the principal amount of the Notes then outstanding the Trustee                may at its discretion invest such moneys in some or one of the investments                authorised below. The Trustee at its discretion may vary such investments                and may accumulate such investments and the resulting income until                the                accumulations, together with any other funds for the time being under                the                control of the Trustee and available for such purpose, amount to                at least                10 per cent. of the principal amount of the Notes then outstanding                and                then such accumulations and funds shall be applied under Clause                10. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Any                moneys                which under the trusts of these presents ought to or may be invested                by                the Trustee may be invested in the name or under the control of the                Trustee in any investments or other assets in any part of the world                whether or not they produce income or by placing the same on deposit                in                the name or under the control of the Trustee at such bank or other                financial institution and in such currency as the Trustee may think                fit.                If that bank or other financial institution is the Trustee or a                subsidiary, holding or associated company of the Trustee, such bank                or                other financial institution need only account for an amount of interest                equal to the largest amount of interest payable by it on such a deposit                to                an independent customer. The Trustee may at any time vary any such                investments for or into other investments or convert any moneys so                deposited into any other currency and shall not be responsible for                any                loss resulting from any such investments or deposits, whether due                to                depreciation in value, fluctuations in exchange rates or                otherwise. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | **PARTIAL                PAYMENTS** |
|-----|-------------------------------------|

20

----

| 14. | **COVENANTS** |
|-----|---------------|

|   | (a) | give                or                procure to be given to the Trustee such opinions, certificates,                information and evidence as it shall require and in such form as                it shall                require (including without limitation the procurement by the relevant                Issuer or the Guarantor (if applicable) of all such certificates                called                for by the Trustee pursuant to Clause 16(C)) for the purpose of the                discharge or exercise of the duties, trusts, powers, authorities                and                discretions vested in it under these presents or by operation of                law; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | cause                to be                prepared and certified by the Auditors in respect of each financial                accounting period accounts in such form as will comply with all relevant                legal and accounting requirements and all requirements for the time                being                of the relevant Stock Exchange; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | at                all times                keep and procure its Subsidiaries to keep proper books of account                and at                any time after the occurrence of an Event of Default or a Potential                Event                of Default or if the Trustee has reasonable grounds to believe that                an                Event of Default or a Potential Event of Default has occurred or                is about                to occur allow and procure its Subsidiaries to allow the Trustee                and any                person appointed by the Trustee to whom the relevant Issuer, the                Guarantor                (if applicable) or the relevant Subsidiary (as the case may be) shall                have                no reasonable objection free access to such books of account at all                reasonable times during normal business hours provided that nothing                in                this paragraph (iii) shall oblige the relevant Issuer or the Guarantor                (if                applicable) to disclose confidential information concerning customers                of                the relevant Issuer or the Guarantor (if                applicable); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | send                to the                Trustee (in addition to any copies to which it may be entitled as                a holder                of any securities of the relevant Issuer or the Guarantor (if applicable))                two copies in English of every balance sheet, profit and loss account,                report, circular and notice of general meeting and every other document                issued or sent to its shareholders or which should legally be sent                to its                shareholders together with any of the foregoing, and every document                issued                or sent to holders of securities other than its shareholders (including                the Noteholders) as soon as practicable after the issue or publication                thereof; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | give                notice                in writing to the Trustee (a) of the occurrence of any Event of Default                or                any Potential Event of Default immediately upon becoming aware of                the                occurrence of an Event of Default or a Potential Event of Default                or (b)                of the coming into existence of any Security Interest which would                require                any security to be given to any Series of Notes pursuant to Condition                3; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | give                to the                Trustee (a) within seven days after demand by the Trustee therefor                and (b)                (without the necessity for any such demand) promptly after the publication                of its audited accounts in respect of each financial period commencing                with the financial period ending, in the case of RG, 31 December                1998,                and, in the case or RF, 31 December 2003 and in any event not later                than                180 days after the end of each such completed financial period a                certificate of the relevant Issuer and the Guarantor if applicable)                signed                by an Authorised Signatory of the relevant Issuer and the Guarantor                (if                applicable) to the effect that as at a date not more than seven days                before delivering such certificate (the **“relevant                date”**)                there did                not |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

21

----

|   |   | exist                and had                not existed since the relevant date of the previous certificate (or                in the                case of the first such certificate the date hereof) any Event of                Default                or any Potential Event of Default (or if such exists or existed specifying                the same) and that during the period from and including the relevant                date                of the last such certificate (or in the case of the first such certificate                the date hereof) to and including the relevant date of such certificate                each of the relevant Issuer and the Guarantor (if applicable) has                complied                with all its obligations contained in these presents or (if such                is not                the case) specifying the respects in which it has not                complied; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | at                all times                execute and do all such further documents, acts and things as may                be                necessary at any time or times in the reasonable opinion of the Trustee                to                give effect to these presents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | at                all times                maintain Paying Agents in accordance with the                Conditions; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (i) | use                all                reasonable endeavours to procure the Agent to notify the Trustee                forthwith                in the event that it does not, on or before the due date for any                payment                in respect of the Notes or any of them or any of the Coupons, receive                unconditionally pursuant to the Agency Agreement payment of the full                amount in the relevant currency of the moneys payable on such due                date on                all such Notes or Coupons as the case may                be; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | in                the event                of the unconditional payment to the Agent of any sum due in respect                of the                Notes or any of them or any of the Coupons being made after the due                date                for payment thereof forthwith give or procure to be given notice                to the                relevant Noteholders in accordance with Condition 14 that such payment                has                been made; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | use                all                reasonable endeavours to maintain the listing on the relevant Stock                Exchange of those of the Notes which are listed on the relevant Stock                Exchange or, if it is unable to do so having used such endeavours,                use all                reasonable endeavours to obtain and maintain a quotation or listing                of                such Notes on such other stock exchange or exchanges or securities                market                or markets as the relevant Issuer and the Guarantor (if applicable)                may                (with the prior approval of the Trustee) decide and shall also upon                obtaining a quotation or listing of such Notes on such other stock                exchange or exchanges or securities market or markets enter into                a trust                deed supplemental to this Trust Deed to effect such consequential                amendments to these presents as the Trustee may require or as shall                be                requisite to comply with the requirements of any such stock exchange                or                securities market; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | give                notice                to the Noteholders in accordance with Condition 14 of any appointment,                resignation or removal of any Paying Agent (other than the appointment                of                the initial Paying Agents) after having obtained the approval of                the                Trustee thereto or any change of any Paying Agent’s specified office and                (except as provided by the Agency Agreement or the Conditions) at                least 30                days prior to such event taking effect; provided always that so long                as                any of the Notes remains liable to prescription in the case of the                termination of the appointment of the Agent no such termination shall                take                effect until a new Agent has been appointed on terms approved by                the                Trustee; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | obtain                the                prior written approval of the Trustee to, and promptly give to the                Trustee                two copies of, the form of every notice given to the Noteholders                in                accordance with Condition 14 (such approval, unless so expressed,                not to                constitute approval for the purposes of Section 57 of the Financial                Services Act 1986 of the United Kingdom of any such notice which                is an                investment advertisement (as therein                defined)); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | if                the                relevant Issuer or the Guarantor (if applicable) shall become subject                generally to the taxing jurisdiction of any territory or any political                sub-division |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

22

----

|   |   | thereof                or any                authority therein or thereof having power to tax other than or in                addition                to the United Kingdom or any such political sub-division thereof                or any                such authority therein or thereof, immediately upon becoming aware                thereof                notify the Trustee of such event and (unless the Trustee otherwise                agrees)                enter forthwith into a Trust Deed supplemental to this Trust Deed,                giving                to the Trustee an undertaking or covenant in form and manner satisfactory                to the Trustee in terms corresponding to the terms of Condition 7                with the                substitution for (or, as the case may be, the addition to) the references                therein to the United Kingdom or any political sub-division thereof                or any                authority therein or thereof having power to tax of references to                that                other or additional territory or any political sub-division thereof                or any                authority therein or thereof having power to tax to whose taxing                jurisdiction such payments shall have become subject as aforesaid                such                Trust Deed also (where applicable) to modify Condition 6(b) so that                such                Condition shall make reference to the other or additional territory,                any                political sub-division thereof and any authority therein or thereof                having                power to tax; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | comply                with                and perform all its obligations under the Agency Agreement and use                all                reasonable endeavours to procure that the Paying Agents comply with                and                perform all their respective obligations thereunder and any notice                given                by the Trustee pursuant to Clause 2(C)(i) and not make any amendment                or                modification to such Agreement without the prior written approval                of the                Trustee; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | in                order to                enable the Trustee to ascertain the nominal amount of Notes of each                Series                for the time being outstanding for any of the purposes referred to                in the                proviso to the definition of “outstanding” in Clause 1, deliver to the                Trustee forthwith upon being so requested in writing by the Trustee                a                certificate in writing signed by an Authorised Signatory of the relevant                Issuer or the Guarantor (if applicable) setting out the total number                and                aggregate nominal amount of Notes of each Series                which: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | up                to and                including the date of such certificate have been purchased by the                relevant                Issuer, the Guarantor (if applicable) or any Subsidiary of the relevant                Issuer or the Guarantor (if applicable) and cancelled;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | are                at the                date of such certificate held by, for the benefit of, or on behalf                of, the                relevant Issuer, the Guarantor (if applicable) or any Subsidiary                of the                relevant Issuer or the Guarantor (if                applicable); |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | procure                its                Subsidiaries to comply with all (if any) applicable provisions of                Condition 6(h); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (r) | use                all                reasonable endeavours to procure that each of the Paying Agents makes                available for inspection by Noteholders and Couponholders at its                specified                office copies of these presents, the Agency Agreement and the then                latest                audited balance sheet and profit and loss account (consolidated if                applicable) of the relevant Issuer and the Guarantor (if                applicable); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (s) | if,                in                accordance with the provisions of the Conditions, interest in respect                of                Notes denominated in U.S. dollars becomes payable at the specified                office                of any Paying Agent in the United States of America promptly give                notice                thereof to the Noteholders in accordance with Condition                14; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | upon                due                surrender in accordance with the Conditions, pay the face value of                all                Coupons (including Coupons issued in exchange for Talons) appertaining                to                all Notes purchased by the relevant Issuer, the Guarantor (if applicable)                or any Subsidiary of the Guarantor; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

23

----

|   | (u) | give                prior                notice to the Trustee of any proposed redemption pursuant to Condition                6(b) or 6(c) and, if it shall have given notice to Noteholders of                its                intention to redeem any Notes pursuant to Condition 6(c), duly proceed                to                make drawings (if appropriate) and to redeem Notes accordingly;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | promptly                provide the Trustee with copies of all supplements to, and/or amendments                to, and/or restatements of, the Programme                Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | **REMUNERATION                OF TRUSTEE** |
|-----|--------------------------------------------|

| 15.1 | The                relevant                Issuer, failing which the Guarantor, shall pay to the Trustee remuneration                for its services as trustee as from the date of this Trust Deed,                such                remuneration to be at such rate as may from time to time be separately                agreed between the relevant Issuer, the Guarantor (if applicable)                and the                Trustee. Such remuneration shall accrue from day to day and be payable                (in                priority to payments to the Noteholders and Couponholders) up to                and                including the date when, all the Notes having become due for redemption,                the redemption moneys and interest thereon to the date of redemption                have                been paid to the Agent or the Trustee provided that if upon due                presentation of any Note or Coupon or any cheque payment of the moneys                due                in respect thereof is improperly withheld or refused, remuneration                will                commence again to accrue. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | In                the event                of the occurrence of an Event of Default or a Potential Event of                Default                or the Trustee considering it expedient or necessary or being requested                by                the relevant Issuer or the Guarantor (if applicable) to undertake                duties                which the Trustee and the relevant Issuer or the Guarantor (if applicable)                agree to be of an exceptional nature or otherwise outside the scope                of the                normal duties of the Trustee under these presents the relevant Issuer,                failing which the Guarantor (if applicable) shall pay to the Trustee                such                additional remuneration as shall be agreed between                them. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3 | The                relevant                Issuer shall in addition pay to the Trustee an amount equal to the                amount                of any value added tax or similar tax chargeable in respect of its                remuneration under these presents. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | In                the event                of the Trustee, the relevant Issuer and the Guarantor (if applicable)                failing to agree: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | (in                a case to                which sub-clause (A) above applies) upon the amount of the remuneration;                or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | (in                a case to                which sub-clause (B) above applies) upon whether such duties shall                be of                an exceptional nature or otherwise outside the scope of the normal                duties                of the Trustee under these presents, or upon such additional                remuneration, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5 | The                relevant                Issuer, failing which, the Guarantor, shall also pay or discharge                all                Liabilities properly incurred by the Trustee in relation to the                preparation and execution of, the exercise of its powers and the                performance of its duties under, and in any other manner in relation                to,                these presents, including but not limited to travelling expenses                and any                stamp, issue, registration, documentary and other taxes or duties                paid or                payable by the Trustee in connection with any action taken or contemplated                by or on behalf of the |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

24

----

|   | Trustee                for                enforcing, or resolving any doubt concerning, or for any other purpose                in                relation to, these presents. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.6 | All                amounts                payable pursuant to sub-clause (E) above and/or Clause 16(J) shall                be                payable by the relevant Issuer, failing which, the Guarantor, on                the date                specified in a demand by the Trustee and in the case of payments                actually                made by the Trustee prior to such demand shall (if not paid within                three                days after such demand and the Trustee so requires) carry interest                at the                rate of two per cent. per annum above the overnight base rate from                time to                time of Citibank, N.A. from the date specified in such demand, and                in all                other cases shall (if not paid on the date specified in such demand                or, if                later, within three days after such demand and, in either case, the                Trustee so requires) carry interest at such rate from the date specified                in such demand. All remuneration payable to the Trustee shall carry                interest at such rate from the due date                therefor. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.7 | Unless                otherwise specifically stated in any discharge of these presents                the                provisions of this Clause and Clause 16(J) shall continue in full                force                and effect notwithstanding such                discharge. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.8 | The                Trustee                shall be entitled in its absolute discretion to determine in respect                of                which Series of Notes any Liabilities incurred under these presents                have                been incurred or to allocate any such Liabilities between the Notes                of                more than one Series. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | **SUPPLEMENT                TO TRUSTEE ACTS** |
|-----|-----------------------------------------------|

| 16.1 | The                Trustee                may in relation to these presents act on the advice or opinion of                or any                information obtained from any lawyer, valuer, accountant, surveyor,                banker, broker, auctioneer or other expert whether obtained by the                relevant Issuer, the Guarantor (if applicable), the Trustee or otherwise                and shall not be responsible for any Liability occasioned by so                acting. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | Any                such                advice, opinion or information may be sent or obtained by letter,                telegram, facsimile transmission or cable and the Trustee shall not                be                liable for acting on any advice, opinion or information purporting                to be                conveyed by any such letter, telegram, facsimile transmission or                cable                although the same shall contain some error or shall not be                authentic. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | The                Trustee                may call for and shall be at liberty to accept as sufficient evidence                of                any fact or matter or the expediency of any transaction or thing                a                certificate signed by an Authorised Signatory of the relevant Issuer                or                the Guarantor (if applicable) and the Trustee shall not be bound                in any                such case to call for further evidence or be responsible for any                Liability                that may be occasioned by it or any other person acting on such                certificate or any other certificate given by the relevant Issuer,                the                Guarantor (if applicable) or the Auditors under the terms of these                presents. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4 | The                Trustee                shall be at liberty to hold or to place these presents and any other                documents relating thereto in any part of the world with any banker                or                banking company or company whose business includes undertaking the                safe                custody of documents or lawyer or firm of lawyers considered by the                Trustee to be of good repute and the Trustee shall not be responsible                for                or be required to insure against any Liability incurred in connection                with                any such deposit and may pay all sums required to be paid on account                of or                in respect of any such deposit. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5 | The                Trustee                shall not be responsible for the receipt or application of the proceeds                of                the issue of any of the Notes by the relevant Issuer, the exchange                of any                Global Note for |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

25

----

|   | another                Global                Note or Definitive Notes or the delivery of any Global Note or Definitive                Notes to the person(s) entitled to it or                them. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.6 | The                Trustee                shall not be bound to give notice to any person of the execution                of any                documents comprised or referred to in these presents or to take any                steps                to ascertain whether any Event of Default or any Potential Event                of                Default has happened and, until it shall have actual knowledge or                express                notice to the contrary, the Trustee shall be entitled to assume that                no                Event of Default or Potential Event of Default has happened and that                each                of the relevant Issuer and the Guarantor (if applicable) is observing                and                performing all its obligations under these                presents. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7 | Save                as                expressly otherwise provided in these presents, the Trustee shall                have                absolute and uncontrolled discretion as to the exercise of its trusts,                powers, authorities and discretions under these presents (the exercise                of                which as between the Trustee and the Noteholders and Couponholders                shall                be conclusive and binding on the Noteholders and Couponholders) and                shall                not be responsible for any Liability which may result from their                exercise                or non-exercise. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.8 | The                Trustee                shall not be liable to any person by reason of having acted upon                any                resolution purporting to have been passed at any meeting of the holders                of                Notes of all or any Series in respect whereof minutes have been made                and                signed even though subsequent to its acting it may be found that                there was                some defect in the constitution of the meeting or the passing of                the                resolution or that for any reason the resolution was not valid or                binding                upon such holders and the relative                Couponholders. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.9 | The                Trustee                shall not be liable to any person by reason of having accepted as                valid or                not having rejected any Note or Coupon purporting to be such and                subsequently found to be forged or not                authentic. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.10 | Without                prejudice to the right of indemnity by law given to trustees, each                of the                relevant Issuer and the Guarantor (if applicable) shall indemnify                the                Trustee and every Appointee and keep it or him indemnified and, if                it or                him so requires, secured (whether by way of advance payment or otherwise)                against all Liabilities to which it or he may be or become subject                or                which may be incurred by it or him in the execution or purported                execution                of any of its trusts, powers, authorities and discretions under these                presents or its or his functions under any such appointment or in                respect                of any other matter or thing done or omitted in any way relating                to these                presents or any such appointment. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.11 | Any                consent                or approval given by the Trustee for the purposes of these presents                may be                given on such terms and subject to such conditions (if any) as the                Trustee                thinks fit and notwithstanding anything to the contrary in these                presents                may be given retrospectively. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.12 | The                Trustee                shall not (unless and to the extent ordered so to do by a court of                competent jurisdiction) be required to disclose to any Noteholder                or                Couponholder any information (including, without limitation, information                of a confidential, financial or price sensitive nature) made available                to                the Trustee by the relevant Issuer, the Guarantor (if applicable)                or any                other person in connection with these presents and no Noteholder                or                Couponholder shall be entitled to take any action to obtain from                the                Trustee any such information. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.13 | Where                it is                necessary or desirable for any purpose in connection with these presents                to convert any sum from one currency to another it shall (unless                otherwise                provided by these presents or required by law) be converted at such                rate                or rates, in accordance with such method and as at such date for                the                determination of such rate of exchange, as may be agreed by the Trustee                in                consultation with the relevant Issuer and any rate, method and date                so                agreed shall be binding on the relevant Issuer, the Guarantor (if                applicable), the Noteholders and the                Couponholders. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

26

----

| 16.14 | The                Trustee                as between itself and the Noteholders and Couponholders may determine                all                questions and doubts arising in relation to any of the provisions                of these                presents. Every such determination, whether or not relating in whole                or in                part to the acts or proceedings of the Trustee, shall be conclusive                and                shall bind the Trustee and the Noteholders and                Couponholders. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15 | In                connection                with the exercise by it of any of its trusts, powers, authorities                and                discretions under these presents (including, without limitation,                any                modification, waiver, authorisation, determination or substitution),                the                Trustee shall have regard to the general interests of the Noteholders                as a                class and shall not have regard to any interests arising from                circumstances particular to individual Noteholders or Couponholders                (whatever their number) and, in particular but without limitation,                shall                not have regard to the consequences of any such exercise for individual                Noteholders or Couponholders (whatever their number) resulting from                their                being for any purpose domiciled or resident in, or otherwise connected                with, or subject to the jurisdiction of, any particular territory                or any                political sub-division thereof and the Trustee shall not be entitled                to                require, nor shall any Notebolder or Couponholder be entitled to                claim,                from the relevant Issuer, the Guarantor (if applicable), the Trustee                or                any other person any indemnification or payment in respect of any                tax                consequence of any such exercise upon individual Noteholders or                Couponholders except to the extent already provided for in Condition                7                and/or any undertaking given in addition thereto or in substitution                therefor under these presents. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.16 | Any                trustee                of these presents being a lawyer, accountant, broker or other person                engaged in any profession or business shall be entitled to charge                and be                paid all usual proper professional and other charges for business                transacted and acts done by him or his firm in connection with the                trusts                of these presents and also his reasonable charges in addition to                disbursements for all other work and business done and all time spent                by                him or his firm in connection with matters arising in connection                with                these presents. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.17 | The                Trustee                may whenever it thinks fit delegate by power of attorney or otherwise                to                any person or persons or fluctuating body of persons (whether being                a                joint trustee of these presents or not) all or any of its trusts,                powers,                authorities and discretions under these presents. Such delegation                may be                made upon such terms (including power to sub-delegate) and subject                to such                conditions and regulations as the Trustee may in the interests of                the                Noteholders think fit. Provided that the Trustee shall have exercised                reasonable care in the selection of any such delegate the Trustee                shall                not be under any obligation to supervise the proceedings or acts                of any                such delegate or sub-delegate or be in any way responsible for any                Liability incurred by reason of any misconduct or default on the                part of                any such delegate or sub-delegate. The Trustee shall within a reasonable                time after any such delegation or any renewal, extension or termination                thereof give notice thereof to the relevant                Issuer. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.18 | The                Trustee                may in the conduct of the trusts of these presents instead of acting                personally employ and pay an agent (whether being a lawyer or other                professional person) to transact or conduct, or concur in transacting                or                conducting, any business and to do, or concur in doing, all acts                required                to be done in connection with these presents (including the receipt                and                payment of money). Provided that the Trustee shall have exercised                reasonable care in the selection of any such agent the Trustee shall                not                be in any way responsible for any Liability incurred by reason of                any                misconduct or default on the part of any such agent or be bound to                supervise the proceedings or acts of any such                agent. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.19 | The                Trustee                shall not be responsible for the execution, delivery, legality,                effectiveness, adequacy, genuineness, validity, performance,                enforceability or admissibility in evidence of these presents or                any other                document relating thereto and shall not be liable for any failure                to                obtain any licence, consent or other authority for the execution,                delivery, legality, effectiveness, adequacy, genuineness, validity,                performance, enforceability or admissibility in evidence of these                presents                or any other document relating                thereto. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

27

----

| 16.20 | The                Trustee                may certify whether or not any of the conditions, events and acts                set out                in sub-paragraphs (i), (iii), (iv), (vi) and (vii) of Condition 9                (each of                which conditions, events and acts shall, unless in any case the Trustee                in                its absolute discretion shall otherwise determine, for all the purposes                of                these presents be deemed to include the circumstances resulting therein                and the consequences resulting therefrom) is in its opinion materially                prejudicial to the interests of the Noteholders and any such certificate                shall be conclusive and binding upon the relevant Issuer, the Guarantor                (if applicable), the Noteholders and the                Couponholders. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.21 | The                Trustee                shall not be concerned, and need not enquire, as to whether or not                any                Notes are issued in breach of the Programme                Limit. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.22 | Where                there                are any inconsistencies between the Trustee Acts and the provisions                of                these presents, the provisions of these presents shall, to the extent                allowed by law, prevail, and, in the case of any such inconsistency                with                the Trustee Act 2000, the provisions of these presents shall constitute                a                restriction or exclusion for the purposes of that                Act. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | **TRUSTEE’S                LIABILITY** |
|-----|----------------------------------------------|

| 18. | **TRUSTEE                CONTRACTING WITH RG AND RF** |
|-----|-------------------------------------------------------|

|   | (a) | entering                into                or being interested in any contract or financial or other transaction                or                arrangement with the Issuers or any person or body corporate associated                with the Issuers (including without limitation any contract, transaction                or arrangement of a banking or insurance nature or any contract,                transaction or arrangement in relation to the making of loans or                the                provision of financial facilities or financial advice to, or the                purchase,                placing or underwriting of or the subscribing or procuring subscriptions                for or otherwise acquiring, holding or dealing with, or acting as                paying                agent in respect of, the Notes or any other notes, stocks, shares,                debenture stock, debentures, bonds or other securities of, the Issuers                or                any person or body corporate associated as aforesaid);                or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | accepting                or                holding the trusteeship of any other trust deed constituting or securing                any other securities issued by or relating to the Issuers or any                such                person or body corporate so associated or any other office of profit                under                the Issuers or any such person or body corporate so                associated |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

28

----

| 19. | **WAIVER,                AUTHORISATION AND                DETERMINATION** |
|-----|---------------------------------------------------------------------------|

| 19.1 | The                Trustee                may, without the consent of the Noteholders or Couponholders and                without                prejudice to its rights in respect of any subsequent breach, Event                of                Default or Potential Event of Default, from time to time and at any                time,                but only if and in so far as in its opinion the interests of the                Noteholders shall not be materially prejudiced thereby waive or authorise                any breach or proposed breach by the relevant Issuer or the Guarantor                (if                applicable) of any of the covenants or provisions contained in these                presents or determine that any Event of Default or Potential Event                of                Default shall not be treated as such for the purposes of these presents                provided always that the Trustee shall not exercise any powers conferred                on it by this Clause in contravention of any express direction given                by                Extraordinary Resolution or by a request under Condition 9 but so                that no                such direction or request shall affect any waiver, authorisation                or                determination previously given or made. Any such waiver, authorisation                or                determination may be given or made on such terms and subject to such                conditions (if any) as the Trustee may determine, shall be binding                on the                Noteholders and the Couponholders and, if, but only if, the Trustee                shall                so require, shall be notified by the relevant Issuer to the Noteholders                in                accordance with Condition 14 as soon as practicable                thereafter. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | **Modification** |
|------|------------------|

| 20. | **HOLDER                OF DEFINITIVE NOTE ASSUMED TO BE RECEIPTHOLDER AND                COUPONHOLDER** |
|-----|----------------------------------------------------------------------------------------------------------|

| 20.1 | Wherever                in                these presents the Trustee is required or entitled to exercise a                power,                trust, authority or discretion under these presents, except as ordered                by                a court of competent jurisdiction or as required by applicable law,                the                Trustee shall, notwithstanding that it may have express notice to                the                contrary, assume that each Noteholder is the holder of all Receipts                and                Coupons appertaining to each Definitive Note of which he is the                holder. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.2 | **No                Notice to Receiptholders or                Couponholders** |
|------|--------------------------------------------------------------------------------|

29

----

| 21. | **SUBSTITUTION** |
|-----|------------------|

| 21.1 | In                the case                of Notes issued by RF, the Trustee may agree, without the consent                of the                Noteholders, Receiptholders or Couponholders, to the substitution                in place                of RF (or of the previous substitute under this sub-clause (A)) as                the                principal debtor under these presents of either (i) RG, (ii) any                Successor                in Business of either RG or RF, (iii) any holding company of either                RG or                RF, (iv) any other Subsidiary of RG or (v) any Subsidiary of any                such                Successor in Business or holding company (such substituted company                being                hereafter in this sub-clause (A) called the **“New                Company”**)                provided                that a trust deed is executed or some other form of undertaking is                given                by the New Company in form and manner satisfactory to the Trustee,                agreeing to be bound by the provisions of these presents with any                consequential amendments which the Trustee may deem appropriate as                fully                as if the New Company had been named in these presents as the principal                debtor in place of RF (or of the previous substitute under this sub-clause                (A)) and provided further that (except where the New Company is RG                or its                Successor in Business or its holding company (where such holding                company                has assumed the obligations of RG as guarantor of Notes issued by                RF under                these presents) RG or, as the case may be, its Successor in Business                or                (in the case aforesaid) its holding company unconditionally and                irrevocably guarantees (in the case of Subordinated Notes, on a basis                equivalent to that on which the Notes are subordinated immediately                prior                to the substitution) all amounts payable under these presents to                the                satisfaction of the Trustee. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2 | The                following                further conditions shall apply to (1)                above: |
|------|---------------------------------------------------------------------------------------------------------|

|   | (a) | RG,                RF and                the New Company shall comply with such other requirements as the                Trustee                may direct in the interests of the                Noteholders; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | where                the New                Company is incorporated, domiciled or resident in, or subject generally                to                the taxing jurisdiction of, a territory other than or in addition                to the                United Kingdom or any political subdivision or any authority therein                or                thereof having power to tax, Condition 7 shall be modified so that                such                Condition shall, in substitution for (or, as the case may be, in                addition                to) the references therein to the United Kingdom or any political                subdivision or any authority therein or thereof having power to tax,                make                reference to that other or additional territory or any authority                therein                or thereof having power to tax in which the New Company is incorporated,                domiciled or resident or to whose taxing jurisdiction it is                subject; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | without                prejudice to the rights of reliance of the Trustee under the immediately                following paragraph (iv), the Trustee is satisfied that the relevant                transaction is not materially prejudicial to the interests of the                Noteholders; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if                two                Directors of the New Company (or other officers acceptable to the                Trustee)                shall certify that the New Company is solvent at the time at which                the                relevant transaction is proposed to be effected (which certificate                the                Trustee may rely upon absolutely) the Trustee shall not be under                any duty                to have regard to the financial condition, profits or prospects of                the New                Company or to compare the same with those of RF or the previous substitute                under this sub-clause (A) as                applicable. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.3 | In                the case                of Notes issued by RG, the Trustee may agree, without the consent                of the                Noteholders, Receiptholders or Couponholders, to the substitution                in place                of RG (or of the previous substitute under this sub-clause (B)) as                the                principal debtor under these presents (in the case of Subordinated                Notes,                on a basis equivalent to that on which the Notes are subordinated                immediately prior to the substitution) of either (i) its Successor                in                Business, (ii) its holding company or (iii) any Subsidiary of RG                or its                Successor in Business or holding company (such substituted company                being                hereafter in this sub-clause (B) called the **“New                Company”**)                provided                that a trust deed is executed or some other form of undertaking is                given                by the New Company in form and manner satisfactory to the Trustee,                agreeing to be bound by the provisions of these presents with any                consequential |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

30

----

|   | amendments                which the Trustee may deem appropriate as fully as if the New Company                had                been named in these presents as the principal debtor in place of                RG (or of                the previous substitute under this sub-clause (B)) and provided further                that (except where the New Company is the Successor in Business or                holding                company of RG) RG or, as the case may be, its Successor in Business                or                holding company unconditionally and irrevocably guarantees (in the                case of                Subordinated Notes, on a basis equivalent to that on which the Notes                are                subordinated immediately prior to the substitution) all amounts payable                under these presents to the satisfaction of the                Trustee. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4 | The                following                further conditions shall apply to (1)                above: |
|------|---------------------------------------------------------------------------------------------------------|

|   | (a) | RG                and the                New Company shall comply with such other requirements as the Trustee                may                direct in the interests of the                Noteholders; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | where                the New                Company is incorporated, domiciled or resident in, or subject generally                to                the taxing jurisdiction of, a territory other than or in addition                to the                United Kingdom or any political subdivision or any authority therein                or                thereof having power to tax, Condition 7 shall be modified so that                such                Condition shall, in substitution for (or, as the case may be, in                addition                to) the references therein to the United Kingdom or any political                subdivision or any authority therein or thereof having power to tax,                make                reference to that other or additional territory or any authority                therein                or thereof having power to tax in which the New Company is incorporated,                domiciled or resident or to whose taxing jurisdiction it is                subject; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | without                prejudice to the rights of reliance of the Trustee under the immediately                following paragraph (iv), the Trustee is satisfied that the relevant                transaction is not materially prejudicial to the interests of the                Noteholders; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if                two                Directors of the New Company (or other officers acceptable to the                Trustee)                shall certify that the New Company is solvent at the time at which                the                relevant transaction is proposed to be effected (which certificate                the                Trustee may rely upon absolutely) the Trustee shall not be under                any duty                to have regard to the financial condition, profits or prospects of                the New                Company or to compare the same with those of RG or the previous substitute                under this sub-clause (B) as                applicable. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.5 | In                the case                of Notes issued by RF, the Trustee may agree, without the consent                of the                Noteholders, Receiptholders or Couponholders, to the substitution                in place                of RG (or of the previous substitute under this sub-clause (C)) in                its                capacity as guarantor of such Notes of the Successor in Business                of RG or                a holding company of RG or of such Successor in Business (such substituted                company being hereafter in this sub-clause (C) called the **“New                Company”**)                provided                that a trust deed is executed or some other form of undertaking is                given                by the New Company in form and manner satisfactory to the Trustee,                agreeing to be bound by the provisions of these presents with any                consequential amendments which the Trustee may deem appropriate as                fully                as if the New Company had been named in these presents as the guarantor                in                place of RG (or of the previous substitute under this sub-clause                (C)). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.6 | The                following                further conditions shall apply to (1)                above: |
|------|---------------------------------------------------------------------------------------------------------|

|   | (a) | RG                and the                New Company shall comply with such other requirements as the Trustee                may                direct in the interests of the                Noteholders; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | where                the New                Company is incorporated, domiciled or resident in, or subject generally                to                the taxing jurisdiction of, a territory other than or in addition                to the                United Kingdom or any political subdivision or any authority therein                or                thereof having power to tax, Condition 7 shall be modified so that                such                Condition shall, in substitution for (or, as the case may be, in                addition                to) the references therein to the United Kingdom or any political                subdivision or any authority therein or thereof |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

31

----

|   |   | having power to tax,              make              reference to that other or additional territory or any authority therein              or thereof having power to tax in which the New Company is incorporated,              domiciled or resident or to whose taxing jurisdiction it is              subject; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | without                prejudice to the rights of reliance of the Trustee under the immediately                following paragraph (iv), the Trustee is satisfied that the relevant                transaction is not materially prejudicial to the interests of the                Noteholders; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if                two                Directors of the New Company (or other officers acceptable to the                Trustee)                shall certify that the New Company is solvent at the time at which                the                relevant transaction is proposed to be effected (which certificate                the                Trustee may rely upon absolutely) the Trustee shall not be under                any duty                to have regard to the financial condition, profits or prospects of                the New                Company or to compare the same with those of RG or the previous substitute                under this sub-clause (C) as                applicable. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.7 | Any                such                Trust Deed or undertaking shall, if so expressed, operate to release                the                company being substituted from all of its obligations as principal                debtor                or, as the case may be, as Guarantor under these presents. Not later                than                14 days after the execution of such documents and compliance with                such                requirements, the relevant New Company shall give notice thereof                in a form                previously approved by the Trustee to the Noteholders in the manner                provided in Condition 14. Upon the execution of such documents and                compliance with such requirements, the relevant New Company shall                be                deemed to be named in these presents as the principal debtor in place                of                the relevant Issuer (or in place of the previous substitute under                this                Clause) or, as the case may be, as guarantor in place of the Guarantor                under these presents and these presents shall be deemed to be amended                in                such manner as shall be necessary to give effect to the above provisions                and, without limitation, references in these presents to the relevant                Issuer or, as the case may be, the Guarantor shall, unless the context                otherwise requires, be deemed to be or include references to the                relevant                New Company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22. | **CURRENCY                INDEMNITY** |
|-----|---------------------------------------|

|   | (a) | any                Liability                incurred by any of them arising from the non-payment by the relevant                Issuer or the Guarantor (if applicable) of any amount due to the                Trustee                or the Noteholders or Couponholders under these presents by reason                of any                variation in the rates of exchange between those used for the purposes                of                calculating the amount due under a judgment or order in respect thereof                and those prevailing at the date of actual payment by the relevant                Issuer                or the Guarantor (if applicable);                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                deficiency arising or resulting from any variation in rates of exchange                between (i) the date as of which the local currency equivalent of                the                amounts due or contingently due under these presents (other than                this                Clause) is calculated for the purposes of any bankruptcy, insolvency                or                liquidation of the relevant Issuer or the Guarantor (if applicable)                and                (ii) the final date for ascertaining the amount of claims in such                bankruptcy, insolvency or liquidation. The amount of such deficiency                shall                be deemed not to be reduced by any variation in rates of exchange                occurring between the said final date and the date of any distribution                of                assets in connection with any such bankruptcy, insolvency or                liquidation. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

32

----

| 23. | **NEW                TRUSTEE** |
|-----|--------------------------------|

| 23.1 | The                power to                appoint a new trustee of these presents shall be vested in the issuers                jointly but no person shall be appointed who shall not previously                have                been approved by an Extraordinary Resolution. One or more persons                may hold                office as trustee or trustees of these presents but such trustee                or                trustees shall be or include a Trust Corporation. Whenever there                shall be                more than two trustees of these presents the majority of such trustees                shall be competent to execute and exercise all the duties, powers,                trusts,                authorities and discretions vested in the Trustee by these presents                provided that a Trust Corporation shall be included in such majority.                Any                appointment of a new trustee of these presents shall as soon as                practicable thereafter be notified by the Issuers to the Agent and                in                accordance with Condition 14 the                Noteholders. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | **Separate                and Co-Trustees** |
|------|---------------------------------------------|

|   | (a) | if                the                Trustee considers such appointment to be in the interests of the                Noteholders; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | for                the                purposes of conforming to any legal requirements, restrictions or                conditions in any jurisdiction in which any particular act or acts                is or                are to be performed; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | for                the                purposes of obtaining a judgment in any jurisdiction or the enforcement                in                any jurisdiction of either a judgment already obtained or any of                the                provisions of these presents against the relevant Issuer and/or the                Guarantor (if applicable). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24. | **TRUSTEE’S                RETIREMENT AND REMOVAL** |
|-----|-----------------------------------------------------------|

33

----

| 25. | **TRUSTEE’S                POWERS TO BE ADDITIONAL** |
|-----|------------------------------------------------------------|

| 26. | **NOTICES** |
|-----|-------------|

|   | to                RG:                         | The                Reuters                BuildingSouth                ColonnadeCanary                WharfLondon                E14                5EP |
|--------|-----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                          |                                                                                                                                                    |
|   |                                          | (Attention:                the Company Secretary)Facsimile                No.                020 7542 6848                                              |
|   |                                          |                                                                                                                                                    |
|   | to                RF:                         | The                Reuters                BuildingSouth                ColonnadeCanary                WharfLondon                E14                5EP |
|   |                                          |                                                                                                                                                    |
|   |                                          | (Attention:                the Company Secretary)Facsimile                No.                020 7542 6848                                              |
|   |                                          |                                                                                                                                                    |
|   | to                the                Trustee: | Citigroup                CentreCanada                SquareCanary                WharfLondon                E14                5LB                      |
|   |                                          |                                                                                                                                                    |
|   |                                          | (Attention:                Agency & Trust) Facsimile                No.                020 7500 5857                                                |

34

----

| 27. | **GOVERNING                LAW** |
|-----|----------------------------------|

| 28. | **COUNTERPARTS** |
|-----|------------------|

| 29. | **CONTRACTS                (RIGHTS OF THIRD PARTIES) ACT                1999** |
|-----|--------------------------------------------------------------------------------|

35

----

36

----

| **1.** | **Form,                Denomination and Title** |
|--------|-------------------------------------------------|

37

----

| **2.** | **Status                of the Notes and Guarantee** |
|--------|------------------------------------------------------|

| *(a)* | *Status                of                the Notes* |
|-------|-----------------------------------------------------|

| *(b)* | *Status                of                the Guarantee* |
|-------|---------------------------------------------------------|

| **3.** | **Negative                Pledge** |
|--------|------------------------------------|

38

----

| **4.** | **Interest** |
|--------|--------------|

| *(a)* | *Interest                on Fixed Rate Notes* |
|-------|-----------------------------------------------|

39

----

| *(b)* | *Interest                on Floating Rate Notes and Index Linked Interest                Notes* |
|-------|-------------------------------------------------------------------------------------------------|

| (i) | *Interest                Payment Dates* |
|-----|-----------------------------------------|

| (ii) | *Rate                of                Interest* |
|------|--------------------------------------------------|

| (A) | *ISDA                Determination for Floating Rate                Notes* |
|-----|----------------------------------------------------------------------------|

40

----

| (B) | *Screen                Rate Determination for Floating Rate                Notes* |
|-----|-----------------------------------------------------------------------------------|

41

----

| (iii) | *Minimum                Rate of Interest and/or Maximum Rate of                Interest* |
|-------|------------------------------------------------------------------------------------------|

| (iv) | *Determination                of Rate of Interest and Calculation of Interest                Amounts* |
|------|-------------------------------------------------------------------------------------------------------|

42

----

| (v) | *Notification                of Rate of Interest and Interest                Amounts* |
|-----|---------------------------------------------------------------------------------------|

| (vi) | *Determination                or Calculation by Trustee* |
|------|----------------------------------------------------------|

| (vii) | *Certificates                to be Final* |
|-------|-------------------------------------------|

| *(c)* | *Interest                on Dual Currency Interest                Notes* |
|-------|--------------------------------------------------------------------------|

43

----

| (d) | *Interest                on Partly Paid Notes* |
|-----|------------------------------------------------|

| *(e)* | *Accrual                of Interest* |
|-------|--------------------------------------|

| **5.** | **Payments** |
|--------|--------------|

| *(a)* | *Method                of                Payment* |
|-------|---------------------------------------------------|

| *(b)* | *Presentation                of Definitive Notes, Receipts and                Coupons* |
|-------|----------------------------------------------------------------------------------------|

44

----

| *(c)* | *Payments                in Respect of Global Notes* |
|-------|------------------------------------------------------|

| *(d)* | *General                Provisions Applicable to                Payments* |
|-------|---------------------------------------------------------------------------|

| *(e)* | *Payment                Day* |
|-------|------------------------------|

| (i) | a                day on                which commercial banks and foreign exchange markets settle payments                in: |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

45

----

| (A) | the                relevant                place of presentation; |
|-----|-------------------------------------------------------------------|

| (B) | London; |
|-----|---------|

| (C) | any                Additional Financial Centre specified in the applicable Final Terms;                and |
|-----|------------------------------------------------------------------------------------------------------------|

| *(f)* | *Interpretation                of Principal and Interest* |
|-------|-----------------------------------------------------------|

| **6.** | **Redemption                and Purchase** |
|--------|--------------------------------------------|

| *(a)* | *Redemption                at Maturity* |
|-------|-----------------------------------------|

| *(b)* | *Redemption                for Tax Reasons* |
|-------|---------------------------------------------|

46

----

| *(c)* | *Redemption                at the Option of the relevant Issuer (Issuer                Call)* |
|-------|-----------------------------------------------------------------------------------------------|

| *(d)* | *Redemption                at the Option of the Noteholders (Investor                Put)* |
|-------|--------------------------------------------------------------------------------------------|

| *(e)* | *Early                Redemption Amounts* |
|-------|-------------------------------------------|

47

----

| *(f)* | *Instalments* |
|-------|---------------|

| *(g)* | *Partly                Paid Notes* |
|-------|------------------------------------|

| *(h)* | *Purchases* |
|-------|-------------|

| *(i)* | *Cancellation* |
|-------|----------------|

| *(j)* | *Late                Payment on Zero Coupon Notes* |
|-------|----------------------------------------------------|

48

----

| **7.** | **Taxation** |
|--------|--------------|

| **8.** | **Prescription** |
|--------|------------------|

| **9.** | **Events                of Default** |
|--------|--------------------------------------|

49

----

| **10.** | **Enforcement** |
|---------|-----------------|

| **11.** | **Replacement                of Notes, Receipts, Coupons and                Talons** |
|---------|--------------------------------------------------------------------------------------|

| **12.** | **Paying                Agents** |
|---------|----------------------------------|

50

----

| **13.** | **Exchange                of Talons** |
|---------|---------------------------------------|

| **14.** | **Notices** |
|---------|-------------|

| **15.** | **Meetings                of Noteholders, Modification and                Waiver** |
|---------|------------------------------------------------------------------------------------|

51

----

| **16.** | **Substitution** |
|---------|------------------|

| *(a)* | *Substitution                of Principal Debtor* |
|-------|---------------------------------------------------|

| *(b)* | *Substitution                of RG as guarantor* |
|-------|--------------------------------------------------|

52

----

| *(c)* | *Effect                of                substitution* |
|-------|--------------------------------------------------------|

| **17.** | **Indemnification                of the Trustee** |
|---------|---------------------------------------------------|

| **18.** | **Further                Issues** |
|---------|-----------------------------------|

| **19.** | **Contracts                (Rights of Third Parties) Act                1999** |
|---------|--------------------------------------------------------------------------------|

| **20.** | **Governing                Law** |
|---------|----------------------------------|

53

----

----

| 1 | Delete                  as                  applicable. |
|---|---------------------------------------------------------|

| 2 | Delete                  where                  the relevant Issuer is the                  Guarantor. |
|---|-------------------------------------------------------------------------------------------------------|

| 3 | Delete                  where                  the relevant Issuer is the                  Guarantor. |
|---|-------------------------------------------------------------------------------------------------------|

54

----

55

----

|   |                                    |   |   |   |
|--------|-----------------------------------------|--------|--------|--------|
| By:    |                                         |   |   |        |
|   | **Authorised                Signatory** |   |   |        |
|   |                                         |   |   |   |

| Authenticated                  without recourse, warranty or liability by                  Citibank                  N.A., London office,as                  Agent |                                      |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|--------|--------|
|                                                                                                                                                               |                                      |   |   |   |
| By:                                                                                                                                                                |                                           |   |   |  |
|                                                                                                                                                               | **Authorised                  Signatory** |   |   |  |
|                                                                                                                                                               |                                           |   |   |   |

----

| 1 | Delete                    where                    the relevant Issuer is the                    Guarantor. |
|---|-------------------------------------------------------------------------------------------------------------|

| 2 | Delete                    as                    applicable. |
|---|-------------------------------------------------------------|

56

----

| 1. | **Guarantee**  |
|----|---------------------|

| 2. | **Guarantor                as Principal Debtor**  |
|----|--------------------------------------------------------|

| 3. | **Guarantor’s                Obligations Continuing**  |
|----|-------------------------------------------------------------------|

57

----

| 4. | **Exercise                of Guarantor’s Rights**  |
|----|---------------------------------------------------------------|

|   | (a) | any                right of                the Guarantor, by reason of the performance of any of its obligations                under this Guarantee and Indemnity, to be indemnified by the Issuer                or to                take the benefit of or to enforce any security or other guarantee                or                indemnity shall be exercised and enforced by the Guarantor only in                such                manner and on such terms as the Trustee may require or approve;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                amount                received or recovered by the Guarantor (a) as a result of any exercise                of                any such right or (b) in the dissolution, amalgamation, reconstruction                or                reorganisation of the Issuer shall be held in trust for the Trustee                and                immediately paid to the Trustee and the Trustee shall hold it on                the                trusts set out in Clause 10 of the Trust                Deed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | **Enforcement                by the Trustee**  |
|----|-----------------------------------------------------|

| 6. | **Avoidance                of Payments**  |
|----|------------------------------------------------|

| 7. | **Indemnity**  |
|----|---------------------|

58

----

| 8. | **Guarantor’s                Obligations**  |
|----|--------------------------------------------------------|

| 9. | **Authorisations**  |
|----|--------------------------|

| 10. | **Governing                Law**  |
|-----|----------------------------------------|

59

----

| Date                made |   | Interest                Payment Date |   | Total                amount            of interest payable |   | Amount                of                interest paid |   | Confirmation                of payment by or on behalf of the Issuer |
|--------------------------|--------|--------------------------------------|--------|------------------------------------------------------------|--------|-------------------------------------------------------|--------|----------------------------------------------------------------------|
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |
|                     |   |                                 |   |                                                       |   |                                                  |   |                                                                 |

60

----

| Instalment                Date |   | Date                made |   | Total                amount                of Instalment Amounts payable |   | Amount                of                Instalment Amounts paid |   | Remaining                nominal amount of this Global Note following such payment                * |   | Confirmation                of payment by or on behalf of the Issuer |
|--------------------------------|--------|--------------------------|--------|--------------------------------------------------------------------------|--------|-----------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                     |   |                                                            |   |                                                                                                |   |                                                                 |

| * | See                most                recent entry in Part II, III or IV or Schedule Two in order to determine                this amount. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

61

----

| Date                made |   | Total                amount                of principal payable |   | Amount                of                principal paid |   | Remaining                nominal amount of this Global Note following such redemption                * |   | Confirmation                of redemption by or on behalf of the Issuer |
|--------------------------|--------|-----------------------------------------------------------------|--------|--------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |

| * | See                most                recent entry in Part II, III or IV or Schedule Two in order to determine                this amount. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

62

----

| Date                made |   | Part                of                nominal amount of this Global Note purchased and cancelled |   | Remaining                nominalamount                of                this Global Note                following such purchase and cancellation * |   | Confirmation                of purchase and cancellation by or on behalf of the                Issuer |
|--------------------------|--------|--------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |

| * | See                most                recent entry in Part II, III or IV or Schedule Two in order to determine                this amount. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

63

----

| Date                made |   | Nominal                amount of this Global Note exchanged for Definitive Notes or a part                of a                Permanent Global Note |   | Remaining                nominal amount of this Global Note following such exchange                * |   | Notation                made                by or on behalf of the Issuer |
|--------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |
|                     |   |                                                                                                                                                |   |                                                                                                 |   |                                                                      |

| * | See                most                recent entry in Part II, III or IV of Schedule One or in this Schedule                Two                in order to determine this amount. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

64

----

----

| 1 | Delete                      as                      applicable. |
|---|-----------------------------------------------------------------|

| 2 | Delete                      where                      the relevant Issuer is the                      Guarantor. |
|---|-------------------------------------------------------------------------------------------------------------------|

| 3 | Delete                      where                      the relevant Issuer is the                      Guarantor. |
|---|-------------------------------------------------------------------------------------------------------------------|

65

----

| (a) | upon                not less                than 60 days’ written notice from Euroclear Bank S.A./N.V. as operator of                the Euroclear System (**“Euroclear”**)                and/or                Clearstream Banking, société anonyme (**“Clearstream,                Luxembourg”**)                (acting on                the instructions of any holder of an interest in this Global Note);                or |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | only                upon the                occurrence of an Exchange Event. |
|-----|------------------------------------------------------------------------------|

----

| 1 | Delete                where                the issue is made in accordance with TEFRA                C. |
|---|---------------------------------------------------------------------------------------------------------|

| 2 | Delete                where                the issue is made in accordance with TEFRA                D. |
|---|---------------------------------------------------------------------------------------------------------|

66

----

| (a) | the                Issuer                will promptly give notice to Noteholders in accordance with Condition                14;                and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Euroclear                and/or Clearstream, Luxembourg (acting on the instructions of any                holder                of an interest in this Global Note) may give notice to the Agent                requesting exchange and, in the event of the occurrence of an Exchange                Event as described in (iii) above, the Issuer may also give notice                to the                Agent requesting exchange. Any such exchange shall occur on the date                specified in the notice requesting                exchange. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | Delete                  where                  the relevant Issuer is the                  Guarantor. |
|---|-------------------------------------------------------------------------------------------------------|

67

----

| [**REUTERS                    GROUP PLC/REUTERS FINANCE PLC**]1 |                                    |   |   |
|-----------------------------------------------------------------|-----------------------------------------|--------|--------|
|                                                            |                                    |   |   |   |
| By:                                                             |                                         |   |   |  |
|                                                            |                                         |   |   |  |
|                                                            | **Authorised                Signatory** |   |   |  |

| Authenticated                          without recourse, warranty or liability by                          Citibank,                          N.A., London office, as Agent. |                                          |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|--------|--------|
|                                                                                                                                                                         |                                          |   |   |   |
| By:                                                                                                                                                                          |                                               |   |   |  |
|                                                                                                                                                                         |                                               |   |   |  |
|                                                                                                                                                                         | **Authorised                      Signatory** |   |   |  |

----

| 1 | Delete                  as                  applicable. |
|---|---------------------------------------------------------|

68

----

| 1. | **Guarantee**  |
|----|---------------------|

| 2. | **Guarantor                as Principal Debtor**  |
|----|--------------------------------------------------------|

| 3. | **Guarantor’s                Obligations Continuing**  |
|----|-------------------------------------------------------------------|

69

----

| 4. | **Exercise                of Guarantor’s Rights**  |
|----|---------------------------------------------------------------|

|   | (a) | any                right of                the Guarantor, by reason of the performance of any of its obligations                under this Guarantee and Indemnity, to be indemnified by the Issuer                or to                take the benefit of or to enforce any security or other guarantee                or                indemnity shall be exercised and enforced by the Guarantor only in                such                manner and on such terms as the Trustee may require or approve;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                amount                received or recovered by the Guarantor (a) as a result of any exercise                of                any such right or (b) in the dissolution, amalgamation, reconstruction                or                reorganisation of the Issuer shall be held in trust for the Trustee                and                immediately paid to the Trustee and the Trustee shall hold it on                the                trusts set out in Clause 10 of the Trust                Deed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | **Enforcement                by the Trustee**  |
|----|-----------------------------------------------------|

| 6. | **Avoidance                of Payments**  |
|----|------------------------------------------------|

| 7. | **Indemnity**  |
|----|---------------------|

70

----

| 8. | **Guarantor’s                Obligations**  |
|----|--------------------------------------------------------|

| 9. | **Authorisations**  |
|----|--------------------------|

| 10. | **Governing                Law**  |
|-----|----------------------------------------|

71

----

| Date                  made |   | Interest                  Payment Date |   | Total                  amount                  of interest payable |   | Amount                  of                  interest paid |   | Confirmation                  of payment by or on behalf of the Issuer |
|----------------------------|--------|----------------------------------------|--------|--------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|------------------------------------------------------------------------|
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |
|                       |   |                                   |   |                                                               |   |                                                      |   |                                                                   |

72

----

| Instalment                Date |   | Date                made |   | Total                amount            of Instalment Amounts payable |   | Amount                of                Instalment Amounts paid |   | Remaining                nominal amount of this Global Note following such payment                * |   | Confirmation                of payment by or on behalf of the Issuer |
|--------------------------------|--------|--------------------------|--------|----------------------------------------------------------------------|--------|-----------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |
|                           |   |                     |   |                                                                 |   |                                                            |   |                                                                                                |   |                                                                 |

| * | See                most                recent entry in Part II, III or IV or Schedule Two in order to determine                this amount. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

73

----

| Date                made |   | Total                amount                of principal payable |   | Amount                of                principal paid |   | Remaining                nominal amount of this Global Note following such redemption                * |   | Confirmation                of redemption by or on behalf of the Issuer |
|--------------------------|--------|-----------------------------------------------------------------|--------|--------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |
|                     |   |                                                            |   |                                                   |   |                                                                                                   |   |                                                                    |

| * | See                most                recent entry in Part II, III or IV or Schedule Two in order to determine                this amount. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

74

----

| Date                made |   | Part                of                nominal amount of this Global Note purchased and cancelled |   | Remaining                nominalamount                of                this Global Note                following such purchase and cancellation * |   | Confirmation                of purchase and cancellation by or on behalf of the                Issuer |
|--------------------------|--------|--------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |
|                     |   |                                                                                             |   |                                                                                                                                               |   |                                                                                                  |

| * | See                most                recent entry in Part II, III or IV or Schedule Two in order to determine                this amount. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

75

----

| Date                made |   | [Nominal                amount of Temporary Global Note exchanged for this Global                Note]1 |   | [Amount                of                increase in nominal amount of this Global Note following issue of                further                Tranche]2 |   | Nominal                amount of                this                Global Note following such [exchange]1[increase]2* |   | Notation                made                by or on behalf of the Issuer |
|--------------------------|--------|---------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |
|                     |   |                                                                                                    |   |                                                                                                                                                       |   |                                                                                                                   |   |                                                                      |

| * | See                most                recent entry in Part II, III or IV of Schedule One or in this Schedule                Two                in order to determine this amount. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | Delete                      where                      the issue is made in accordance with TEFRA                      C. |
|---|---------------------------------------------------------------------------------------------------------------------------|

| 2 | Delete                      where                      the issue is made in accordance with TEFRA                      D. |
|---|---------------------------------------------------------------------------------------------------------------------------|

76

----

| [Denomination] |   | [ISIN] |   | [SERIES] |   | [CERTIFICATE            No.] |
|----------------|--------|--------|--------|----------|--------|------------------------------|

----

| 1 | Delete                  as                  applicable. |
|---|---------------------------------------------------------|

| 2 | Delete                    where                    the relevant Issuer is the                    Guarantor. |
|---|-------------------------------------------------------------------------------------------------------------|

| 3 | Delete                    where                    the relevant Issuer is the                    Guarantor. |
|---|-------------------------------------------------------------------------------------------------------------|

77

----

| [**REUTERS                      GROUP PLC/REUTERS FINANCE PLC**]1 |                                      |   |   |
|-------------------------------------------------------------------|-------------------------------------------|--------|--------|
|                                                              |                                      |   |   |   |
| By:                                                               |                                           |   |   |  |
|                                                              |                                           |   |   |  |
|                                                              | **Authorised                  Signatory** |   |   |  |

| Authenticated                            without recourse, warranty or liability by                            Citibank,                            N.A., London office, as Agent. |                                            |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|--------|--------|
|                                                                                                                                                                               |                                            |   |   |   |
| By:                                                                                                                                                                                |                                                 |   |   |  |
|                                                                                                                                                                               |                                                 |   |   |  |
|                                                                                                                                                                               | **Authorised                        Signatory** |   |   |  |

----

| 1 | Delete                    as                    applicable. |
|---|-------------------------------------------------------------|

78

----

| 1. | **Guarantee**  |
|----|---------------------|

| 2. | **Guarantor                as Principal Debtor**  |
|----|--------------------------------------------------------|

| 3. | **Guarantor’s                Obligations Continuing**  |
|----|-------------------------------------------------------------------|

79

----

| 4. | **Exercise                of Guarantor’s Rights**  |
|----|---------------------------------------------------------------|

|   | (a) | any                right of                the Guarantor, by reason of the performance of any of its obligations                under this Guarantee and Indemnity, to be indemnified by the Issuer                or to                take the benefit of or to enforce any security or other guarantee                or                indemnity shall be exercised and enforced by the Guarantor only in                such                manner and on such terms as the Trustee may require or approve;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                amount                received or recovered by the Guarantor (a) as a result of any exercise                of                any such right or (b) in the dissolution, amalgamation, reconstruction                or                reorganisation of the Issuer shall be held in trust for the Trustee                and                immediately paid to the Trustee and the Trustee shall hold it on                the                trusts set out in Clause 10 of the Trust                Deed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | **Enforcement                by the Trustee**  |
|----|-----------------------------------------------------|

| 6. | **Avoidance                of Payments**  |
|----|------------------------------------------------|

| 7. | **Indemnity**  |
|----|---------------------|

80

----

| 8. | **Guarantor’s                Obligations**  |
|----|--------------------------------------------------------|

| 9. | **Authorisations**  |
|----|--------------------------|

| 10. | **Governing                Law**  |
|-----|----------------------------------------|

81

----

82

----

83

----

----

| 1 | Delete                  as                  applicable. |
|---|---------------------------------------------------------|

84

----

----

| 1 | Delete                  as                  applicable. |
|---|---------------------------------------------------------|

| 2 | Delete                  where                  the Notes are all of the same                  denomination. |
|---|-------------------------------------------------------------------------------------------------------------|

85

----

----

| 1 | Delete                  as                  applicable. |
|---|---------------------------------------------------------|

| 2 | Delete                  where                  the Notes are all of the same                  denomination. |
|---|-------------------------------------------------------------------------------------------------------------|

| 3 | Not                  required                  on last Coupon sheet. |
|---|----------------------------------------------------------------------|

86

----

87

----

88

----

| [**Euroclear                        Bank S.A./N.V.****as                        operator of the Euroclear System**] |   |   |   |
|---------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                                |   |   |   |
| or                                                                                                                  |   |   |   |
|                                                                                                                |   |   |   |
| [**Clearstream,                        Luxembourg**]                                                                |   |   |   |
|                                                                                                                |   |   |   |   |
| By:                                                                                                                 |        |   |   |  |
|                                                                                                                |        |   |   |  |

----

| 1 | To                        be dated no                        earlier than the date to which this certification relates,                        namely (a) the                        payment date or (b) the Exchange                        Date. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

89

----

----

| 1 | Delete                  as                  applicable. |
|---|---------------------------------------------------------|

90

----

| Name                            of                            person making certification |   |   |   |
|-------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                      |   |   |   |   |
| By:                                                                                       |        |   |   |  |
|                                                                                      |        |   |   |  |

----

| 1 | To                  be dated no                  earlier than the date to which this certification relates, namely                  (a) the                  payment date or (b) the Exchange                  Date. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

91

----

| 1. | (A) | As                used in                this Schedule the following expressions shall have the following                meanings                unless the context otherwise                requires: |
|----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | **“voting                certificate”**                shall mean                an English language certificate issued by a Paying Agent and dated                in                which it is stated: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | that                on the                date thereof Notes (whether in definitive form or represented by                a Global                Note and not being Notes in respect of which a block voting instruction                has been issued and is outstanding in respect of the meeting specified                in                such voting certificate or any adjourned such meeting) were deposited                with                such Paying Agent or (to the satisfaction of such Paying Agent) were                held                to its order or under its control and that no such Notes will cease                to be                so deposited or held until the first to occur                of: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | the                conclusion of the meeting specified in such certificate or, if later,                of                any adjourned such meeting; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | the                surrender                of the certificate to the Paying Agent who issued the same;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that                the                bearer thereof is entitled to attend and vote at such meeting and                any                adjourned such meeting in respect of the Notes represented by such                certificate; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | **“block                voting instruction”**                shall mean                an English language document issued by a Paying Agent and dated in                which: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | it                is                certified that Notes (whether in definitive form or represented by                a                Global Note and not being Notes in respect of which a voting certificate                has been issued and is outstanding in respect of the meeting specified                in                such block voting instruction and any adjourned such meeting) have                been                deposited with such Paying Agent or (to the satisfaction of such                Paying                Agent) were held to its order or under its control and that no such                Notes                will cease to be so deposited or held until the first to occur                of: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | the conclusion of the              meeting              specified in such document or, if later, of any adjourned such meeting;              and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|

|   | (2) | the surrender to the              Paying              Agent not less than 48 hours before the time for which such meeting              or any              adjourned such meeting is convened of the receipt issued by such Paying              Agent in respect of each such deposited Note which is to be released              or              (as the case may require) the Note or Notes ceasing with the agreement              of              the Paying Agent to be held to its order or under its control and the              giving of notice by the Paying Agent to the relevant Issuer in accordance              with paragraph 17 hereof of the necessary amendment to the block voting              instruction; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | it                is                certified that each holder of such Notes has instructed such Paying                Agent                that the vote(s) attributable to the Note or Notes so deposited or                held                should be cast in a particular way in relation to the resolution                or                resolutions to be put to such meeting or any adjourned |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

92

----

|   |   | such meeting and that              all such              instructions are during the period commencing 48 hours prior to the              time              for which such meeting or any adjourned such meeting is convened and              ending at the conclusion or adjournment thereof neither revocable nor              capable of amendment; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                aggregate                nominal amount of the Notes so deposited or held are listed distinguishing                with regard to each such resolution between those in respect of which                instructions have been given as aforesaid that the votes attributable                thereto should be cast in favour of the resolution and those in respect                of                which instructions have been so given that the votes attributable                thereto                should be cast against the resolution;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | one                or more                persons named in such document (each hereinafter called a **“proxy”**)                is or are                authorised and instructed by such Paying Agent to cast the votes                attributable to the Notes so listed in accordance with the instructions                referred to in (c) above as set out in such                document; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | **“24                hours”**                shall mean a                period of 24 hours including all or part of a day upon which banks                are                open for business in both the place where the relevant meeting is                to be                held and in each of the places where the Paying Agents have their                specified offices (disregarding for this purpose the day upon which                such                meeting is to be held) and such period shall be extended by one period                or,                to the extent necessary, more periods of 24 hours until there is                included                as aforesaid all or part of a day upon which banks are open for business                in all of the places as aforesaid;                and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | **“48                hours”**                shall mean a                period of 48 hours including all or part of two days upon which banks                are                open for business both in the place where the relevant meeting is                to be                held and in each of the places where the Paying Agents have their                specified offices (disregarding for this purpose the day upon which                such                meeting is to be held) and such period shall be extended by one period                or,                to the extent necessary, more periods of 24 hours until there is                included                as aforesaid all or part of two days upon which banks are open for                business in all of the places as                aforesaid. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | A                holder of a                Note (whether in definitive form or represented by a Global Note)                may                obtain a voting certificate in respect of such Note from a Paying                Agent or                require a Paying Agent to issue a block voting instruction in respect                of                such Note by depositing such Note with such Paying Agent or (to the                satisfaction of such Paying Agent) by such Note being held to its                order or                under its control, in each case not less than 48 hours before the                time                fixed for the relevant meeting and on the terms set out in sub-paragraph                (i)(a) or (ii)(a) above (as the case may be), and (in the case of                a block                voting instruction) instructing such Paying Agent to the effect set                out in                sub-paragraph (ii)(b) above. The holder of any voting certificate                or the                proxies named in any block voting instruction shall for all purposes                in                connection with the relevant meting or adjourned meeting of Noteholders                be                deemed to be the holder of the Notes to which such voting certificate                or                block voting instruction relates and the Paying Agent with which                such                Notes have been deposited or the person holding the same to the order                or                under the control of such Paying Agent shall be deemed for such purposes                not to be the holder of those                Notes. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The                relevant                Issuer, the Guarantor (if applicable) or the Trustee may at any time                and                the relevant Issuer shall upon a requisition in writing signed by                the                holders of not less than one-tenth in nominal amount of the Notes                for the                time being outstanding convene a meeting of the Noteholders and if                the                relevant Issuer makes default for a period of seven days in convening                such                a meeting the same may be convened by the Trustee or the |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

93

----

|   | requisitionists. Every              such              meeting shall be held at such time and place as the Trustee may appoint              or              approve. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | At                least 21                days’ notice (exclusive of the day on which the notice is given and the                day on which the meeting is to be held) specifying the place, day                and hour                of meeting shall be given to the Noteholders prior to any meeting                of the                Noteholders in the manner provided by Condition 14. Such notice,                which                shall be in the English language, shall state generally the nature                of the                business to be transacted at the meeting thereby convened but (except                for                an Extraordinary Resolution) it shall not be necessary to specify                in such                notice the terms of any resolution to be proposed. Such notice shall                include statements, if applicable, to the effect that Notes may,                not less                than 48 hours before the time fixed for the meeting, be deposited                with                Paying Agents or (to their satisfaction) held to their order or under                their control for the purpose of obtaining voting certificates or                appointing proxies. A copy of the notice shall be sent by post to                the                Trustee (unless the meeting is convened by the Trustee) and to the                relevant Issuer (unless the meeting is convened by the relevant Issuer)                and to the Guarantor (if applicable) (unless the meeting is convened                by                the Guarantor). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | A                person (who                may but need not be a Noteholder) nominated in writing by the Trustee                shall be entitled to take the chair at the relevant meeting or adjourned                meeting but if no such nomination is made or if at any meeting or                adjourned meeting the person nominated shall not be present within                15                minutes after the time appointed for holding the meeting or adjourned                meeting the Noteholders present shall choose one of their number                to be                Chairman. The Chairman of an adjourned meeting need not be the same                person                as was Chairman of the meeting from which the adjournment took                place. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | At                any such                meeting one or more persons present holding Definitive Notes or voting                certificates or being proxies and holding or representing in the                aggregate                not less than one-twentieth of the nominal amount of the Notes for                the                time being outstanding shall (except for the purpose of passing an                Extraordinary Resolution) form a quorum for the transaction of business                and no business (other than the choosing of a Chairman) shall be                transacted at any meeting unless the requisite quorum be present                at the                commencement of the relevant business. The quorum at any such meeting                for                passing an Extraordinary Resolution shall (subject as provided below)                be                one or more persons present holding Definitive Notes or voting                certificates or being proxies and holding or representing in the                aggregate                a clear majority in nominal amount of the Notes for the time being                outstanding provided that at any meeting the business of which includes                any of the following matters (each of which shall, subject only to                Clause                19(B)(ii), only be capable of being effected after having been approved                by                Extraordinary Resolution) namely: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | reduction                or                cancellation of the amount payable or, where applicable, modification,                except where such modification is in the opinion of the Trustee bound                to                result in an increase, of the method of calculating the amount payable                or                modification of the date of payment or, where applicable, of the                method of                calculating the date of payment in respect of any principal, premium                or                interest in respect of the Notes; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | alteration                of                the currency in which payments under the Notes and Coupons are to                be                made; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | alteration                of                the majority required to pass an Extraordinary                Resolution; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the                sanctioning of any such scheme or proposal as is described in paragraph                18(I) below; |
|--------|------|------------------------------------------------------------------------------------------------------------------------|

|   | (v) | alteration                of                this proviso or the proviso to paragraph 6                below; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

94

----

| 6. | If                within 15                minutes (or such longer period not exceeding 30 minutes as the Chairman                may decide) after the time appointed for any such meeting a quorum                is not                present for the transaction of any particular business, then, subject                and                without prejudice to the transaction of the business (if any) for                which a                quorum is present, the meeting shall if convened upon the requisition                of                Noteholders be dissolved. In any other case it shall stand adjourned                to                the same day in the next week (or if such day is a public holiday                the next                succeeding business day) at the same time and place (except in the                case of                a meeting at which an Extraordinary Resolution is to be proposed                in which                case it shall stand adjourned for such period, being not less than                14                clear days nor more than 42 clear days, and to such place as may                be                appointed by the Chairman either at or subsequent to such meeting                and                approved by the Trustee). If within 15 minutes (or such longer period                not                exceeding 30 minutes as the Chairman may decide) after the time appointed                for any adjourned meeting a quorum is not present for the transaction                of                any particular business, then, subject and without prejudice to the                transaction of the business (if any) for which a quorum is present,                the                Chairman may either (with the approval of the Trustee) dissolve such                meeting or adjourn the same for such period, being not less than                14 clear                days, and to such place as may be appointed by the Chairman either                at or                subsequent to such adjourned meeting and approved by the Trustee,                and the                provisions of this sentence shall apply to all further adjourned                such                meetings. At any adjourned meeting one or more persons present holding                Definitive Notes or voting certificates or being proxies (whatever                the                nominal amount of the Notes so held or represented by them) shall                (subject                as provided below) form a quorum and shall (subject as provided below)                have power to pass any Extraordinary or other Resolution and to decide                upon all matters which could properly have been dealt with at the                meeting                from which the adjournment took place had the requisite quorum been                present provided that at any adjourned meeting the quorum for the                transaction of business comprising any of the matters specified in                the                proviso to paragraph 5 above shall be one or more persons present                holding                Definitive Notes or voting certificates or being proxies and holding                or                representing in the aggregate not less than one-third of the nominal                amount of the Notes for the time being                outstanding. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Notice                of any                adjourned meeting at which an Extraordinary Resolution is to be submitted                shall be given in the same manner as notice of an original meeting                but as                if ten were substituted for 21 in paragraph 3 above and such notice                shall                state the relevant quorum. Subject as aforesaid it shall not be necessary                to give any notice of an adjourned                meeting. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Every                question submitted to a meeting shall be decided in the first instance                by                a show of hands and in case of equality of votes the Chairman shall                both                on a show of hands and on a poll have a casting vote in addition                to the                vote or votes (if any) to which he may be entitled as a Noteholder                or as a                holder of a voting certificate or as a                proxy. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | At                any                meeting unless a poll is (before or on the declaration of the result                of                the show of hands) demanded by the Chairman, the relevant Issuer,                the                Guarantor (if applicable), the Trustee or any person present holding                a                Definitive Note or a voting certificate or being a proxy (whatever                the                nominal amount of the Notes so held or represented by him) a declaration                by the Chairman that a resolution has been carried or carried by                a                particular majority or lost or not carried by a particular majority                shall                be conclusive evidence of the fact without proof of the number or                proportion of the votes recorded in favour of or against such                resolution. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Subject                to                paragraph 12 below, if at any such meeting a poll is so demanded                it shall                be taken in such manner and subject as hereinafter provided either                at once                or after an adjournment as the Chairman directs and the result of                such                poll shall be deemed to be the resolution of the meeting at which                the poll                was demanded as at the date of the taking of the poll. The demand                for a                poll shall not prevent the continuance of the meeting for the transaction                of any business other than the motion on which the poll has been                demanded. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

95

----

| 11. | The                Chairman                may with the consent of (and shall if directed by) any such meeting                adjourn the same from time to time and from place to place but no                business                shall be transacted at any adjourned meeting except business which                might                lawfully (but for lack of required quorum) have been transacted at                the                meeting from which the adjournment took                place. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | Any                poll                demanded at any such meeting on the election of a Chairman or on                any                question of adjournment shall be taken at the meeting without                adjournment. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | The                Trustee                and its lawyers and any director, officer or employee of a corporation                being a trustee of these presents and any director or officer of                the                relevant Issuer or, as the case may be, the Guarantor (if applicable)                and                its or their lawyers and any other person authorised in that behalf                by the                Trustee may attend and speak at any meeting. Save as aforesaid, but                without prejudice to the proviso to the definition of “outstanding” in                Clause 1, no person shall be entitled to attend and speak nor shall                any                person be entitled to vote at any meeting of the Noteholders or join                with                others in requesting the convening of such a meeting or to exercise                the                rights conferred on the Noteholders by Conditions 9 and 10 unless                he                either produces the Definitive Note or Notes of which he is the holder                or                a voting certificate or is a proxy. No person shall be entitled to                vote at                any meeting in respect of Notes held by, for the benefit of, or on                behalf                of, the relevant Issuer, the Guarantor (if applicable) or any Subsidiary                of the relevant Issuer or Guarantor (if applicable). Nothing herein                shall                prevent any of the proxies named in any block voting instruction                from                being a director, officer or representative of or otherwise connected                with                the relevant Issuer or the Guarantor (if                applicable). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | Subject                as                provided in paragraph 13 hereof at any                meeting: |
|-----|---------------------------------------------------------------------------------------------------------|

|   | (A) | on                a show of                hands every person who is present in person and produces a Definitive                Note                or voting certificate or is a proxy shall have one vote;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | on                a poll                every person who is so present shall have one vote in respect of                each £1                or such other amount as the Trustee may in its absolute discretion                stipulate (or, in the case of meetings of holders of Notes denominated                in                another currency, such amount in such other currency as the Trustee                in its                absolute discretion may stipulate) in nominal amount of the Notes                so                produced in definitive form or represented by the voting certificate                so                produced or in respect of which he is a                proxy. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | The                proxies                named in any block voting instruction need not be                Noteholders. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| 16. | Each                block                voting instruction together (if so requested by the Trustee) with                proof                satisfactory to the Trustee of its due execution on behalf of the                relevant                Paying Agent shall be deposited by the relevant Paying Agent at such                place                as the Trustee shall approve not less than 24 hours before the time                appointed for holding the meeting or adjourned meeting at which the                proxies named in the block voting instruction propose to vote and                in                default the block voting instruction shall not be treated as valid                unless                the Chairman of the meeting decides otherwise before such meeting                or                adjourned meeting proceeds to business. A notarially certified copy                of                each block voting instruction shall be deposited with the Trustee                before                the commencement of the meeting or adjourned meeting but the Trustee                shall                not thereby be obliged to investigate or be concerned with the validity                of                or the authority of the proxies named in any such block voting                instruction. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | Any                vote                given in accordance with the terms of a block voting instruction                shall be                valid notwithstanding the previous revocation or amendment of the                block                voting instruction or of any of the Noteholders’ instructions pursuant to                which it was executed provided that no |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

96

----

|   | intimation in writing              of such              revocation or amendment shall have been received from the relevant              Paying              Agent by the relevant Issuer at its registered office (or such other              place              as may have been required or approved by the Trustee for the purpose)              by              the time being 24 hours before the time appointed for holding the meeting              or adjourned meeting at which the block voting instruction is to be              used. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | A                meeting of                the Noteholders shall in addition to the powers hereinbefore given                have                the following powers exercisable only by Extraordinary Resolution                (subject                to the provisions relating to quorum contained in paragraphs 5 and                6                above) namely: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | Power                to                sanction any compromise or arrangement proposed to be made between                the                relevant Issuer, the Guarantor (if applicable), the Trustee, any                Appointee                and the Noteholders and Couponholders or any of                them. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | Power                to                sanction any abrogation, modification, compromise or arrangement                in                respect of the rights of the Trustee, any Appointee, the Noteholders,                the                Couponholders, the relevant Issuer or the Guarantor (if applicable),                against any other or others of them or against any of their property                whether such rights shall arise under these presents or                otherwise. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | Power                to                assent to any modification of the provisions of these presents which                shall                be proposed by the relevant Issuer, or the Guarantor (if applicable),                the                Trustee or any Noteholder. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | Power                to give                any authority or sanction which under the provisions of these presents                is                required to be given by Extraordinary                Resolution. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | Power                to                appoint any persons (whether Noteholders or not) as a committee or                committees to represent the interests of the Noteholders and to confer                upon such committee or committees any powers or discretions which                the                Noteholders could themselves exercise by Extraordinary                Resolution. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (F) | Power                to                approve of a person to be appointed a trustee and power to remove                any                trustee or trustees for the time being of these                presents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (G) | Power                to                discharge or exonerate the Trustee and/or any Appointee from all                liability                in respect of any act or omission for which the Trustee and/or such                Appointee may have become responsible under these                presents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (H) | Power                to                authorise the Trustee and/or any Appointee to concur in and execute                and do                all such deeds, instruments, acts and things as may be necessary                to carry                out and give effect to any Extraordinary                Resolution. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (I) | Power                  to                  sanction any scheme or proposal for the exchange or sale of the                  Notes for                  or the conversion of the Notes into or the cancellation of the                  Notes in                  consideration of shares, stock, notes, bonds, debentures, debenture                  stock                  and/or other obligations and/or securities of the relevant Issuer,                  the                  Guarantor (if applicable) or any other company formed or to be                  formed, or                  for or into or in consideration of cash, or partly for or into                  or in                  consideration of such shares, stock, notes, bonds, debentures,                  debenture                  stock and/or other obligations and/or securities as aforesaid and                  partly                  for or into or in consideration of                  cash. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | Any                resolution passed at a meeting of the Noteholders duly convened and                held                in accordance with these presents shall be binding upon all the                Noteholders whether present or not present at such meeting and whether                or                not voting and upon all Couponholders and each of them shall be bound                to                give effect thereto accordingly and the passing of any such resolution                shall be conclusive evidence that the circumstances justify the passing                thereof. Notice of the result of the voting on any resolution duly                considered by the Noteholders shall be published in accordance with                Condition 14 by the relevant Issuer within 14 days |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

97

----

|   | of such result being              known              provided that the non-publication of such notice shall not invalidate              such              result. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20. | The                expression **“Extraordinary                Resolution”**                when used in                these presents means a resolution passed at a meeting of the Noteholders                duly convened and held in accordance with these presents by a majority                consisting of not less than three-fourths of the persons voting thereat                upon a show of hands or if a poll is duly demanded by a majority                consisting of not less than three-fourths of the votes cast on such                poll. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21. | Minutes                of                all resolutions and proceedings at every meeting of the Noteholders                shall                be made and entered in books to be from time to time provided for                that                purpose by the relevant Issuer and any such Minutes as aforesaid                if                purporting to be signed by the Chairman of the meeting at which such                resolutions were passed or proceedings transacted shall be conclusive                evidence of the matters therein contained and until the contrary                is proved                every such meeting in respect of the proceedings of which Minutes                have                been made shall be deemed to have been duly held and convened and                all                resolutions passed or proceedings transacted thereat to have been                duly                passed or transacted. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22. | (A) | If                and                whenever the relevant Issuer shall have issued and have outstanding                Notes                of more than one Series the foregoing provisions of this Schedule                shall                have effect subject to the following                modifications: |
|-----|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a                resolution                which in the opinion of the Trustee affects the Notes of only one                Series                shall be deemed to have been duly passed if passed at a separate                meeting                of the holders of the Notes of that                Series; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a                resolution                which in the opinion of the Trustee affects the Notes of more than                one                Series but does not give rise to a conflict of interest between the                holders of Notes of any of the Series so affected shall be deemed                to have                been duly passed if passed at a single meeting of the holders of                the Notes                of all the Series so affected; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a                resolution                which in the opinion of the Trustee affects the Notes of more than                one                Series and gives or may give rise to a conflict of interest between                the                holders of the Notes of one Series or group of Series so affected                and the                holders of the Notes of another Series or group of Series so affected                shall be deemed to have been duly passed only if passed at separate                meetings of the holders of the Notes of each Series or group of Series                so                affected; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | to                all such                meetings all the preceding provisions of this Schedule shall *mutatis                mutandis*                apply as                though references therein to Notes, Noteholders and holders were                references to the Notes of the Series or group of Series in question                or to                the holders of such Notes, as the case may                be. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | If                the                relevant Issuer shall have issued and have outstanding Notes which                are not                denominated in Sterling, in the case of any meeting of holders of                Notes of                more than one currency the nominal amount of such Notes shall (i)                for the                purposes of paragraph 2 above be the equivalent in Sterling at the                spot                rate of a bank nominated by the Trustee for the conversion of the                relevant                currency or currencies into Sterling on the seventh dealing day prior                to                the day on which the requisition in writing is received by the relevant                Issuer and (ii) for the purposes of paragraphs 5, 6 and 14 above                (whether                in respect of the meeting or any adjourned such meeting or any poll                resulting therefrom) be the equivalent at such spot rate on the seventh                dealing day prior to the day of such meeting. In such circumstances,                on                any poll each person present shall have one vote for each £1 (or such                other Sterling amount as the Trustee may in its absolute discretion                stipulate) in nominal amount of the Notes (converted as above) which                he                holds or represents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

98

----

| 23. | Subject                to                all other provisions of these presents the Trustee may without the                consent                of the relevant Issuer, the Guarantor (if applicable), the Noteholders                or                the Couponholders prescribe such further regulations regarding the                requisitioning and/or the holding of meetings of Noteholders and                attendance and voting thereat as the Trustee may in its sole discretion                think fit. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

99

----

| Executed                as a                deed by **REUTERS                GROUP PLC**acting                by                ROSEMARY MARTINand   DAVID                GRIGSON |   | ))))   | /S/ ROSEMARY                  MARTIN/S/ DAVID            GRIGSON |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------|
|                                                                                                                                                                                             |   |   |                                                             |
| Company                Secretary                                                                                                                                                       |   |   |
| Director                                                                                                                                                                                         |   |   |

| Executed                as a                deed by **REUTERS                FINANCE PLC**acting                by                HELEN JONESand   ROSEMARY                MARTIN |   | ))))   | /S/ HELEN                  JONES/S/ ROSEMARY            MARTIN |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------|
|                                                                                                                                                                                             |   |   |                                                           |
| Director                                                                                                                                                                               |   |   |
| Director                                                                                                                                                                                         |   |   |

| Executed                as a                deed by **CITICORP                TRUSTEE COMPANY LIMITED**acting                by                DAVID MARESand   MARNE                LIDSTER |   | ))))   | /S/              DAVID MARES/S/ MARNE                  LIDSTER
  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------|
|                                                                                                                                                                                                        |   |   |                                                                  |
| Director                                                                                                                                                                                          |   |   |
| Director                                                                                                                                                                                                    |   |   |

100

----