Document:

Exhibit
4.19

      

      

      

      November 2008

       

       

       

       

       

      UBS
LIMITED

      

      

      

      

      MERRILL
LYNCH INTERNATIONAL

      

      

      

      

      ENCUENTRO
LIMITED

      

      

      

      

      THE
ROYAL BANK OF SCOTLAND GROUP PLC

      

      

      

      

      

      
         

        
          

          

        

         

        
          SECOND SUBSCRIPTION
AND TRANSFER

          DEED

          relating
to

          ENCUENTRO
LIMITED

           

          
            
               

              
                

                

              

            

            
 

             

            
              

              
                Freshfields
Bruckhaus Deringer LLP

                65 Fleet
Street

                London
EC4Y 1HS

              

            

          

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        CONTENTS

        
           

           

        

        
          
            	CLAUSE	 	 PAGE
	 	 	 
	
                     1.
      

                  	
                     INTERPRETATION
      

                  	
                      
       1

                  
	
                     2.
      

                  	
                     SUBSCRIPTION FOR
      FURTHER ORDINARY SHARES AND “B” PREFERENCE SHARES 
      

                  	   
      4
	
                     3.
      

                  	
                     SALE
      

                  	   
      5
	
                     4.
      

                  	
                     REPRESENTATIONS,
      WARRANTIES AND UNDERTAKINGS  

                  	 
      	   
      6
	
                     5.
      

                  	
                     ASSIGNMENT AND
      NOVATION 

                  	   
      7
	 SCHEDULE
      1 WARRANTIES 	   
      9
	 SCHEDULE 2
      DEED OF NOVATION	 
      12

          

        

        
 

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

         

      

      
        Execution version

        

        

        THIS DEED is made
on       November 2008

        

        BETWEEN:

        

        
          	
                  (1)

                	
                  UBS LIMITED, a company
      incorporated under the laws of England and Wales with
      registered number 2035362, whose registered office is at 1 Finsbury
      Avenue, London EC2M 2PP (UBS);

                

        

        

        
          	
                  (2)

                	
                  MERRILL LYNCH
      INTERNATIONAL, a company incorporated under the laws of England
      and Wales with registered number 02312079, whose registered office is at
      Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ
      (Merrill
      Lynch and, together with UBS, the Joint
      Sponsors);

                

        

        

        
          	
                  (3)

                	
                  ENCUENTRO LIMITED, a
      company incorporated in Jersey with registered number 99953,
      whose registered office is at Whiteley Chambers, Don Street, St Helier,
      Jersey JE4 9WG (the Company);
      and

                

        

        

        
          	
                  (4)

                	
                  THE ROYAL BANK OF SCOTLAND
      GROUP PLC, a company incorporated under
      the laws of Scotland with registered number 45551, whose registered office
      is at 36 St Andrew Square, Edinburgh EH2 2YB (RBSG).

                

        

        

        WHEREAS:

        

        
          	
                  (A)

                	
                  As
      at the date of this Deed the Company has an authorised share capital of
      200 Ordinary Shares, 500,000,000 “A” Preference Shares and 500,000,000 “B”
      Preference Shares, of which 100 Ordinary Shares will, at the time of
      Admission, be issued and held as to 89 per cent. by RBSG and as to 11 per
      cent. by the Subscriber.

                

        

        

        
          	
                  (B)

                	
                  The
      Commissioners of Her Majesty’s Treasury (HM
      Treasury) and RBSG, among others, have entered into a placing and
      open offer agreement effective as of 13 October 2008 (the Placing
      Agreement), pursuant to which, subject to the conditions stated
      therein, RBSG Ordinary Shares are to be placed at 65.5 pence per share
      with placees procured by the Joint Sponsors, subject to clawback by
      ordinary shareholders of RBSG pursuant to an open offer, and, to the
      extent not placed with such placees or acquired by such ordinary
      shareholders, are to be taken up by HM
Treasury.

                

        

        

        
          	
                  (C)

                	
                  Pursuant
      to the terms of a subscription and transfer dated the date hereof (the
      First
      Subscription and Transfer Deed), the Subscriber has agreed to
      subscribe for 150,000,000
      “A” Preference Shares, on the terms and subject to the conditions of that
      deed, and to transfer such “A” Preference Shares and the Ordinary Shares
      held by it to the Company.

                

        

        

        1.           INTERPRETATION

        

        1.1       In
this Deed, the following expressions shall have the following
meanings:

        

        “A” Preference
Shares means redeemable “A” preference shares of £0.01 each in the capital
of the Company having the rights set out in the Articles of
Association;

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Articles of
Association means the articles of association of the
Company;

        

        “B” Preference
Shares means redeemable “B” preference shares of £0.01 each in the capital
of the Company having the rights set out in the Articles of
Association;

        

        Business Day
means a day (other than a Saturday or Sunday) on which banks are open
for ordinary banking business in London and Edinburgh;

        

        Dealing Day
means a day on which London Stock Exchange plc’s main market for listed
securities is open for business;

        

        Encumbrance
means any mortgage, charge (whether legal or equitable and whether fixed
or floating), security, lien, pledge, option, right to acquire, right of
pre-emption, equity, assignment, hypothecation, title retention, claim,
restriction or power of sale;

        

        Final
Subscription Date means the date on which the Final Subscription
Time occurs;

        

        Final
Subscription Time means 8.00 a.m. on the date to be agreed between
RBSG, the
Joint Sponsors and Computershare Investor Services plc immediately after which
the Subscriber shall subscribe for the Further Ordinary Shares and the
Subscriber “B” Preference Shares, such date to be a Dealing Day after completion
of the transfer by the Subscriber of the Subscriber “A” Preference Shares and
Subscriber Ordinary Shares (in each case as defined in the First Subscription
and Transfer Deed) to RBSG and in any event not to be later than two calendar
months after the date of Admission;

        

        First
Subscription and Transfer Deed has the meaning given to it in Recital
(C);

        

        Ogier
means Ogier, solicitors and advocates of Whiteley Chambers, Don Street,
St Helier,
Jersey JE4 9WG;

        

        Option Agreement
means the letter agreement entered into as a deed between the Joint
Sponsors, the Company and RBSG on the date of this Deed regarding, among other
things, the subscription by the Subscriber for Ordinary Shares;

        

        Ordinary Shares
means ordinary shares of £1.00 each in the capital of the
Company;

        

        Outstanding
Subscription Amount means the amount standing to the credit of the Transaction
Bank Account in cleared funds immediately prior to the Final Subscription
Time;

        

        RBSG Ordinary
Shares means ordinary shares of 25 pence each in the capital of RBSG;

        

        Receiving Agent
Agreement means the deed of appointment and instruction appointing
Computershare Investor Services plc as receiving agents and registrars to the
Placing and Open Offer to be entered into on or about the date of this Deed,
setting out, among other things, the arrangements governing the ownership and
application of the funds standing to the credit of the Transaction Bank
Account;

        

        
          
            
            

          

          
            Page
2

            
              

            

          

          
            
            

          

        

        

        Subscriber
means UBS or, if RBSG elects by written notice to the other parties to
this Deed,
such notice to be received at least 3 Business Days prior to Admission, and
otherwise subject to clause 5.4, Merrill Lynch;

        

        Subscriber
Ordinary Shares has the meaning given to it in the First Subscription
and Transfer
Deed;

        

        Tax
or
Taxation means all forms of taxation and statutory, governmental,
state, provincial,
local, governmental or municipal impositions, duties, contributions and levies
in each case whether of the United Kingdom or elsewhere in the world whenever
imposed and whether chargeable directly or primarily against or attributable
directly or primarily to a person or otherwise and all penalties, charges, costs
and interest relating thereto;

        

        Transaction
means the transactions and arrangements contemplated by the Transaction
Documents;

        

        Transaction Bank
Account means the bank account referred to in clause 2.4 of the Placing
Agreement, being the “Acceptance Account” as defined in the Receiving Agent
Agreement;

        

        Transaction
Documents means this Deed, the First Subscription and Transfer Deed, the
Placing Agreement, the Receiving Agent Agreement, the Option Agreement and all
documents entered into pursuant to or in connection with such deeds and
agreements; and

        

        Warranties
means the representations and warranties given by the Company and RBSG
set out in Schedule 1.

        

        Capitalised
terms used in this Deed, unless otherwise defined herein, shall have the meaning
given to them in the Placing Agreement.

        

        1.2       In
this Deed, unless the context otherwise requires:

        

        
          	
                  (a)

                	
                  references
      to “persons” shall
      include individuals, bodies corporate (wherever incorporated),
      unincorporated associations and
partnerships;

                

        

        

        
          	
                  (b)

                	
                  the
      headings are inserted for convenience only and shall not affect the
      construction of this Deed;

                

        

        

        
          	
                  (c)

                	
                  any
      reference to an enactment or statutory provision is a reference to it as
      it may have been, or may from time to time be, amended, modified,
      consolidated or re-enacted except to the extent that any such amendment,
      consolidation or re-enactment after the date of this Deed would increase
      or extend the liability of any person
hereunder;

                

        

        

        
          	
                  (d)

                	
                  references
      to “pounds”,
      “£” and “pence” are references to
      the currency of the United Kingdom;

                

        

        

        
          
            
            

          

          
            Page
3

            
              

            

          

          
            
            

          

        

         

        
          	
                  (e)

                	
                  any
      schedule to this Deed shall take effect as if set out in this Deed and
      references to this Deed shall be deemed to include its schedules;
      and

                

        

        

        
          	
                  (f)

                	
                  when
      construing any provision relating to VAT, any reference in this Deed to
      any person shall (where appropriate) be deemed, at any time when such
      person is a member of a group of companies for VAT purposes, to include a
      reference to the representative member of such group at such
      time.

                

        

        

        2.       
SUBSCRIPTION FOR FURTHER ORDINARY SHARES AND “B” PREFERENCE SHARES

        

        2.1      
Upon and subject to the terms and conditions of this Deed and in reliance on the
Warranties contained herein:

        

        
          	
                  (a)

                	
                  the
      Subscriber agrees to subscribe and pay for, and the Company agrees to
      allot and issue to the Subscriber, 12 Ordinary Shares for a price of £1.00
      per Ordinary Share, each credited as fully paid up (the Further
      Ordinary Shares), immediately after the Final Subscription Time;
      and

                

        

        

        
          	
                  (b)

                	
                  the
      Subscriber agrees to subscribe and pay for, and the Company agrees to
      allot and issue to the Subscriber, 2,000,000 “B” Preference Shares, each
      credited as fully paid up (the Subscriber
      “B” Preference Shares), immediately after the Final Subscription
      Time,

                

        

        

        in each
case free from all Encumbrances and together with all rights attaching thereto
and on the condition that immediately following such allotment and following
payment of the Outstanding Subscription Amount to the Company (or as the Company
directs) the Subscriber “B” Preference Shares are transferred by the Subscriber
to RBSG as provided in clause 3.1.

        

        
          2.2     
The
Subscriber shall, forthwith upon demand by the Company, pay the sum of £12.00 to
the Company in consideration for, and following the allotment to the Subscriber
by the Company of the Further Ordinary Shares.

        

        

        
          2.3     
In
consideration of the agreement to allot, and following the allotment of, the
Subscriber “B” Preference Shares, and subject to clause 2.4 below, the
Subscriber hereby undertakes to procure the payment of the Outstanding
Subscription Amount from the Transaction Bank Account to the Company (or as the
Company directs) immediately before the transfer of the Subscriber “B”
Preference Shares to RBSG pursuant to this Deed, and in any event by no later
than 5.00 p.m. (or as otherwise agreed between the parties) on the Final
Subscription Date (the Payment
Undertaking).
Each Subscriber “B” Preference Share so allotted shall be credited as fully
paid against the Payment Undertaking.

        

        

        
          2.4     
The
obligations of the Subscriber and the Company pursuant to clauses 2.1,
2.2and 2.3
of this Deed are conditional upon completion of the transfer by the Subscriber
of the Subscriber “A” Preference Shares and Subscriber Ordinary Shares (in each
case as defined in the First Subscription and Transfer Deed) to RBSG and the
Final Subscription Time having passed. The Payment Undertaking shall
become

        

         

        
          
            
            

          

          
            Page
4

            
              

            

          

          
            
            

          

           

        

        effective on allotment of the Further Ordinary Shares and the
Subscriber “B” Preference Shares by the Company to the
Subscriber.

        

        
          2.5      
For the
avoidance of doubt, the Subscriber shall be under no obligation to subscribe for
“B” Preference Shares in an amount in excess of the Outstanding Subscription
Amount (without prejudice to the Payment Undertaking).

        

        

        
          2.6      
Following
allotment as aforesaid, the Company shall procure that, within the jurisdiction
of Jersey, the name of the Subscriber shall be entered in the register of
members of the Company (itself held in Jersey) in respect of the Ordinary Shares
and “B” Preference Shares allotted to it and prepare and deliver to the
Subscriber (or as the Subscriber directs):

        

        

        
          	
                  (a)

                	
                  share
      certificate evidencing the number of Ordinary Shares and “B” Preference
      Shares allotted and issued to it;
and

                

        

        

        
          	
                  (b)

                	
                  a
      copy of the minutes of the board meeting approving the allotment and the
      updated register of members (the name of the Subscriber having been
      entered into the register), certified as a true copy by the secretary or a
      director of the Company.

                

        

        

        2.7        
For the avoidance of doubt, nothing in this Deed shall confer or impose on any
Placee (including HM Treasury) or any Qualifying Shareholder and right or
obligation (conditional or otherwise) to subscribe for or acquire any Ordinary
Shares, Subscriber “A” Preference Shares or Subscriber “B” Preference
Shares.

        

        3.           SALE

        

        3.1        
Subject to the Further Ordinary Shares and the Subscriber “B” Preference Shares
having been allotted to the Subscriber in accordance with clause 2, the
Subscriber shall, on the Final Subscription Date and immediately following such
allotments and following payment of the Outstanding Subscription Amount to the
Company (or as the Company directs), transfer to RBSG:

        

        
          	
                  (a)

                	
                  the
      Further Ordinary Shares allotted and issued to it pursuant to clause 2;
      and

                

        

        

        
          	
                  (b)

                	
                  the
      Subscriber “B” Preference Shares allotted and issued to it pursuant to
      clause 2,

                

        

        

        in each
case fully paid up.

        

        3.2        
The transfer of the Further Ordinary Shares and the Subscriber “B” Preference
Shares pursuant to clause 3.1, together with the transfer of the Subscriber
Ordinary Shares and the Subscriber “A” Preference Shares pursuant to the First
Subscription and Transfer Deed, shall be the consideration for the allotment and
issue by RBSG of the RBSG Ordinary Shares as set out in the Placing Agreement,
provided that the value of the consideration allocated to the Subscriber
Ordinary Shares and the Further Ordinary Shares shall respectively be £11.00 and
£12.00, and the remainder of the consideration shall be allocated to the
Subscriber “A” Preference Shares and the Subscriber “B” Preference
Shares.

        

        
          
            
            

          

          
            Page
5

            
              

            

          

          
            
            

          

           

        

        
          
            3.3          The obligation of the Subscriber to transfer Subscriber “B”
Preference Shares and Further Ordinary Shares pursuant to clause 3.1 shall be
satisfied by the execution of and the delivery to RBSG, or as it may direct, of
duly executed stock transfer forms in favour of RBSG (the originals being kept
in Jersey insofar as reasonably practicable) together with the share
certificates in respect of the Subscriber “B” Preference Shares and Further
Ordinary Shares transferred pursuant to clause 3.1.

          

        

        
        

        

        
          3.4         
The
Company shall hold a board meeting in the United Kingdom at which it shall be
resolved that the transfers relating to the Subscriber “B” Preference Shares and
Further Ordinary Shares shall be approved for registration, subject to
performance by the Subscriber of its obligations under clause 3.1, 3.2 and 3.3,
and that RBSG be registered as the holder of the Subscriber “B” Preference
Shares and Further Ordinary Shares in the Company’s register of members (itself
held in Jersey).

        

        

        
          3.5         
The
Subscriber, as security for its obligations hereunder, hereby
appoints:

        

        

        
          	
                  (a)

                	
                  Ogier
      (and all partners and other authorised signatories of Ogier (in each case
      acting singly)); and

                

        

        

        
          	
                  (b)

                	
                  RBSG
      (and each of its directors, officers and authorised signatories (in each
      case acting singly))

                

        

        

        as its
attorney, in its name and on its behalf or otherwise, at such time and in such
manner as the attorney thinks fit, to do and perform all such acts or things,
and to execute, complete and deliver all such documents (including any stock
transfer forms), as the attorney may, in its absolute discretion, consider
necessary or desirable in connection with the transfer of all or any of the
Further Ordinary Shares and all or any of the Subscriber “B” Preference Shares
to RBSG in accordance with this Deed, provided always that such power of
attorney shall not be exercisable until the Payment Undertaking has become
effective in accordance with the terms of clause 2.4 hereof. Such appointment
shall be irrevocable unless the rights and obligations of the Subscriber for the
time being under this Deed are novated to a third party in accordance with the
provisions of clause 5.2 or Merrill Lynch replaces UBS as the Subscriber
pursuant to clause 5.4, in which case such appointment shall lapse and have no
further effect. For the avoidance of doubt, the New Subscriber appointed
pursuant to clause 5.2 or Merrill Lynch, if it replaces UBS as Subscriber
pursuant to clause 5.4, shall be deemed to have appointed Ogier (and all
partners and other authorised signatories of Ogier (in each case acting singly)
and RBSG (and each of its directors, officers and authorised signatories (in
each case acting singly) as its attorney in accordance with this clause. This
power of attorney shall remain in full force and effect until the date occurring
one year from the date hereof.

        

        4.          
 REPRESENTATIONS,
WARRANTIES AND
UNDERTAKINGS

        

        4.1         
The Company and RBSG jointly and severally represent and warrant on the date
hereof to each of the Joint Sponsors in the terms of the Warranties set out in
paragraphs 1, 3, and 4 of Schedule 1 (the Joint
Warranties) and RBSG represents and warrants on the date hereof to each
of the Joint Sponsors in the terms of the Warranties set out in paragraph 2 of
Schedule 1 (the Issuer
Warranties). The Company and RBSG further jointly and severally represent
and warrant to each of the

        

        
          
            
            

          

          
            Page
6

            
              

            

          

          
            
            

          

           

        

        Joint Sponsors that the Joint Warranties, and RBSG further represents
and warrants to each of the Joint Sponsors that the Issuer Warranties, shall be
true and accurate in all respects and not misleading on the Final Subscription
Date in any respect as if they had been made or given on the Final Subscription
Date (on the basis that references in the Warranties to any fact, matter or
thing existing, occurring or having (or not having) occurred at or before the
date of this Deed shall be construed as references to it having (or not having)
so done at or before the Final Subscription Date).

        

        
          4.2         
Until the
date upon which the Subscriber has transferred the Subscriber “B” Preference
Shares and Further Ordinary Shares to RBSG pursuant to clause 3, the parties
undertake to each other to procure (in so far as they are able) that no
amendments will be made to the Articles of Association.

        

        

        
          4.3         
Until the
date upon which the Subscriber no longer holds any interest in the Company’s
share capital, the Company undertakes to each of the Joint Sponsors that it will
not, and RBSG undertakes to each of the Joint Sponsors that it will procure
(insofar as it is able) that the Company will not, undertake any activities
other than those contemplated under this Deed, the First Subscription and
Transfer Deed or the Option Agreement.

        

        

        5.         
  ASSIGNMENT AND
NOVATION

        

        5.1         
Subject to clauses 5.2 and 5.4, no party may assign or purport to
assign:

        

        
          	
                  (a)

                	
                  this
      Deed;

                

        

        

        
          	
                  (b)

                	
                  all
      or any of its rights or obligations arising under or out of this Deed;
      or

                

        

        

        
          	
                  (c)

                	
                  the
      benefit of all or any of any other party’s obligations under this
      Deed.

                

        

        

        
          5.2         
Notwithstanding
clause 5.1, the parties agree that they shall execute a deed of novation
substantially in the terms of Schedule 2 to this Deed (the Deed of
Novation) which shall operate so as to novate the rights and obligations
of the Subscriber under this Deed to any third party nominated by RBSG (the
New
Subscriber), provided that the parties receive written notice from RBSG
at least 3 Business Days prior to Admission requesting that the parties enter
into such Deed of Novation and that a corresponding deed of novation is also to
be entered into in connection with the First Subscription and Transfer Deed and
the Option Agreement.

        

        

        
          5.3         
For the
avoidance of doubt, if the rights and obligations of the Subscriber are novated
to a third party in accordance with clause 5.2:

        

        

        
          	
                  (a)

                	
                  the
      Subscriber shall have no rights or obligations under the terms of this
      Deed after the execution of the Deed of Novation except in respect of
      rights and obligations accrued prior to such execution and not novated to
      the New Subscriber; and

                

        

        

        
          	
                  (b)

                	
                  the
      right of RBSG to elect that Merrill Lynch shall replace UBS as the
      Subscriber in accordance with the terms of this Deed shall
      terminate.

                

        

        

        
          
            
            

          

          
            Page
7

            
              

            

          

          
            
            

          

        

         

        5.4          RBSG may
only elect that Merrill Lynch shall replace UBS as the Subscriber if RBSG elects
that Merrill Lynch shall also replace UBS as the Subscriber for the purposes of
the First Subscription and Transfer Deed and the Option Agreement. If RBSG
elects that Merrill Lynch shall replace UBS as the Subscriber in accordance with
the terms of this Deed, such election shall take effect on receipt, or deemed
receipt, of the notice of election by the last of the parties to receive, or be
deemed to receive, such notice (the Effective
Time). With immediate effect from the Effective Time, Merrill Lynch shall
assume the rights and obligations of the Subscriber under this Deed and UBS
shall have none of the rights or obligations expressed to be rights or
obligations of the Subscriber
pursuant to this Option Deed except in respect of rights and obligations accrued
prior to the Effective Time and not assumed by Merrill Lynch. For the avoidance
of doubt, the provisions of the immediately preceding sentence shall be without
prejudice to any of UBS’s rights or obligations (including such as may have
accrued to the Effective Time) pursuant to this Deed in its capacity as Joint
Sponsor.

        

        6.          
 OTHER

        

        6.1         
Clauses 4.4 to 4.13, 5 to 7 and 9 to 24 of the First Subscription and Transfer
Deed shall apply, mutatis
mutandis, as if: (i) references to the “First Subscription and Transfer
Deed” were references to this Deed; (ii) references to the “Subscriber Ordinary
Shares” were references to the “Further Ordinary Shares”; and (iii) references
to the “Subscriber “A” Preference Shares” were references to the “Subscriber “B”
Preference Shares”, and as modified by clause 1.2(g) of the First Subscription
and Transfer Deed.

        

        IN
WITNESS whereof the parties have
executed this Deed on the date and year first above
written.

        

        
          
            
            

          

          
            Page
8

            
              

            

          

          
            
            

          

        

         

        
          	
                  SIGNED
      and
      DELIVERED 

                  as
      a DEED
      by ENCUENTRO
      LIMITED 

                  acting by two Directors or  

                  a
      Director and the Secretary 

                	
                  )/s/
      [illegible]

                  )/s/
      [illegible]

                  )

                  )

                

        

         

         

                                                                       

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          
            	
                    
                      SIGNED
      and
      DELIVERED

                      as a DEED
      by THE
      ROYAL BANK OF

                      SCOTLAND
      GROUP PLC   

                      acting
      by two Directors or 

                      a
      Director and the Secretary

                    

                  	
                    )/s/
      [illegible]

                    )/s/
      [illegible]

                    )

                    ) 

                      )

                    

                  

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        
          
          

          
            
            

            
              
                	
                        
                          SIGNED
      and
      DELIVERED

                          as
      a DEED by
      UBS
      LIMITED 

                          acting
      by authorised signatories

                        

                      	
                        )/s/
      [illegible]

                        )/s/
      David Seal

                        )Associate
      Director

                      

              

               

            

          

          
          
                                                          

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

          
            
              
              

              
                
                  	
                          
                            SIGNED
      and
      DELIVERED 

                              as
      a DEED
      by

                              MERRILL
      LYNCH INTERNATIONAL

                            

                          

                        	
                          )/s/
      [illegible]

                          )

                          )

                        

                

                 

              

            

          

        

        Witnessed
by: /s/ Deborah
Yates                  

        

        Name:
Deborah
Yates                                     

        

        Occupation:  AVP, Origination
counsel        

        

        Address:
2 King Edward St, London EC1A
1HQ

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        SCHEDULE 1

        

        WARRANTIES

        

        

        1.           
THE COMPANY’S CAPACITY

        

        1.1         
The Company is a private limited company incorporated under Jersey law and since
incorporation:

        

        
          	
                  (a)

                	
                  it
      has been in continuous existence;

                

        

        

        
          	
                  (b)

                	
                  it
      has not traded or carried on any business or activity of any nature other
      than amending its memorandum and articles of association in contemplation
      and for the purposes of the steps contemplated by the Transaction
      Documents; and

                

        

        

        
          	
                  (c)

                	
                  it
      has not incurred any liabilities in excess of
  £100.

                

        

        

        
          1.2         
This Deed
has been duly authorised, executed and delivered by, and constitutes a valid and
legally binding agreement of, the Company, and is enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors’ rights generally and to general principles of
equity.

        

        

        
          1.3         
The
execution and delivery by the Company of, and the performance by the Company of
its obligations under, this Deed:

        

        

        
          	
                  (a)

                	
                  have
      been duly authorised by all corporate or other action required under
      Jersey law;

                

        

        

        
          	
                  (b)

                	
                  do
      not and will not require any consent, approval, authorisation or order of,
      or filing with, any governmental or other agency or body or any court;
      and

                

        

        

        
          	
                  (c)

                	
                  will
      not conflict with or result in a breach or violation of any of the terms
      and provisions of, or constitute a default
  under:

                

        

        

        
          
            	
                    
                    

                  	
                    (i)

                  	
                    any
      statute, or any rule, regulation or order, judgement or decree of any
      government, governmental agency or body or any court applicable in respect
      of the Company or any of its property;

                  
	 	 	 
	 	
                    (ii) 

                  	
                    any
      agreement or instrument or other obligation to which the Company is a
      party or by which the Company or any of its properties, undertakings,
      assets or revenues are bound; or

                  
	 	 	 
	 	
                    (iii) 

                  	
                    the
      constitutional documents of the
Company.

                  

          

        

         

        2.          
 RBSG’S CAPACITY

        

        2.1         
RBSG is a public limited company incorporated under the laws of Scotland and
since incorporation has been in continuous existence.

        

        
          
            
            

          

          
            Page
9

            
              

            

          

          
            
            

          

           

        

        
          2.2          This Deed
has been duly authorised, executed and delivered by, and constitutes a valid and
legally binding agreement of, RBSG, and is enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and to general principles of
equity.

        
        

        

        
          2.3         
The
execution and delivery by RBSG of, and the performance by RBSG of its
obligations under, this Deed:

        

        

        
          	
                  (a)

                	
                  have
      been duly authorised by all corporate or other action required under
      Scottish law;

                

        

        

        
          	
                  (b)

                	
                  do
      not and will not require any consent, approval, authorisation or order of,
      or filing with, any governmental or other agency or body or any court;
      and

                

        

        

        
          	
                  (c)

                	
                  will
      not conflict with or result in a breach or violation of any of the terms
      and provisions of, or constitute a default
  under:

                

        

         

        
          

          
            
              	
                      
                      

                    	
                      (i)

                    	
                      
                        any
      statute, or any rule, regulation or order, judgment or decree of any
      government, governmental agency or body or any court applicable in respect
      of RBSG or any of its property;

                      

                    
	 	 	 
	 	
                      (ii) 

                    	
                      
                        any
      agreement or instrument or other obligation to which RBSG is a party or by
      which RBSG or any of its properties, undertakings, assets or revenues are
      bound; or

                      

                    
	 	 	 
	 	
                      (iii) 

                    	
                      
                        the
      constitutional documents of
RBSG.

                      

                    

            

          

           

        

         

        3.           THE SHARES

        

        
          3.1         
Save for
any Encumbrance created pursuant to this Deed, there will be no Encumbrance over
or in relation to the Further Ordinary Shares or the Subscriber “B” Preference
Shares at the time of their allotment and issue.

        

        

        
          3.2         
At the
date of allotment of the Subscriber “B” Preference Shares, the directors of the
Company shall have due authority to allot the Subscriber “B” Preference Shares
and such shares shall be:

        

        

        
          	
                  (a)

                	
                  issued
      as freely transferable shares with the rights set out in the Articles of
      Association and ranking pari passu among
      themselves; and

                

        

        

        
          	
                  (b)

                	
                  duly
      authorised and validly issued and will be credited as fully paid
      up.

                

        

        

        3.3         
At the date of allotment of the Further Ordinary Shares, the directors of the
Company shall have due authority to allot the Further Ordinary Shares and such
shares when allotted and issued will have been duly and validly authorised and,
upon allotment and issue as provided in this Deed, will be fully paid and free
from any Encumbrances.

        

        
          
            
            

          

          
            Page
10

            
              

            

          

          
            
            

          

        

        

        4.           TAXATION

        

        
          4.1         
The
Company is and, during any period in which the Subscriber holds, or is
contractually obliged to subscribe for, shares in the Company (and for the time
immediately thereafter) will remain, resident in the United Kingdom and nowhere
else for United Kingdom Taxation purposes.

        

        

        
          4.2         
RBSG has
not caused or permitted any issue or transfer of shares or debentures in the
Company which is unlawful for the purposes of section 765 of the Income and
Corporation Taxes Act 1988.

        

        

        
          4.3         
No share
register of the Company is located or kept in the United
Kingdom.

        

        

        
          
            
            

          

          
            Page
11

            
              

            

          

          
            
            

          

        

         

        SCHEDULE 2

        

        DEED
OF NOVATION

        

        

        THIS DEED is made on [ ] 2008

        

        BETWEEN:

        

        
          	
                  (1)

                	
                  UBS LIMITED, a company
      incorporated under the laws of England and Wales with
      registered number 2035362, whose registered office is at 1 Finsbury
      Avenue, London EC2M 2PP [(the Subscriber)] [(UBS)];

                

        

        

        
          	
                  (2)

                	
                  MERRILL LYNCH, a company
      incorporated under the laws of England and Wales with
      registered number 02312079, whose registered office is at Merrill Lynch
      Financial Centre, 2 King Edward Street, London EC1A 1HQ [(the Subscriber)]
      [(Merrill
      Lynch)];

                

        

         

        
          	
                  (3)

                	
                  ENCUENTRO LIMITED, a
      company incorporated in Jersey with registered number 99953,
      whose registered office is at Whiteley Chambers, Don Street, St Helier,
      Jersey JE4 9WG (the Company);

                

        

        

        
          	
                  (4)

                	
                  THE ROYAL BANK OF SCOTLAND
      GROUP PLC, a company incorporated under
      the laws of Scotland with registered number 45551, whose registered office
      is at 36 St Andrew Square, Edinburgh EH2 2YB (RBSG);
      and

                

        

        

        
          	
                  (5)

                	
                  [ ], a company
      incorporated under the laws of [ ] with registered
      number [ ], whose registered
      office is at [ ]
      (the New
      Subscriber).

                

        

        

        WHEREAS:

        

        
          (A)         
Pursuant
to the Second Subscription and Transfer Deed, the Subscriber has agreed to
subscribe for, and the Company has agreed to allot and issue to the Subscriber,
the Further Ordinary Shares and Subscriber “B” Preference Shares, and Subscriber
has agreed to transfer the Subscriber “B” Preference Shares and the Further
Ordinary Shares to RBSG.

        

        

        
          (B)         
RBSG
wishes the Subscriber to be released and discharged from the Second Subscription
and Transfer Deed as from the date of this Deed (the Effective
Date) and the New Subscriber has agreed to release and discharge the
Subscriber from the Effective Date upon the terms of the New Subscriber’s
undertaking to perform and discharge the Subscriber’s obligations, duties and
liabilities under the Second Subscription and Transfer Deed and be bound by the
terms of the Second Subscription and Transfer Deed in place of the
Subscriber.

        

        

        1.           
INTERPRETATION

        

        1.1         
In this Deed, the following expressions shall have the following
meanings:

        

        
          
            
            

          

          
            Page
12

            
              

            

          

          
            
            

          

        

        

         

        Second
Subscription and Transfer Deed means the deed entitled “Second Subscription
and Transfer Deed” entered into on [ ] 2008 between, among
others, the Subscriber, the Company and RBSG;

        

        Capitalised
terms used in this Deed, unless otherwise defined herein, shall have the meaning
given to them in the Second Subscription and Transfer Deed.

        

        1.2        
  In this Deed, unless the context otherwise requires:

        

        
          	
                  (a)

                	
                  references
      to “persons” shall
      include individuals, bodies corporate (wherever incorporated),
      unincorporated associations and
partnerships;

                

        

        

        
          	
                  (b)

                	
                  the
      headings are inserted for convenience only and shall not affect the
      construction of this Deed; and

                

        

        

        
          	
                  (c)

                	
                  any
      reference to an enactment or statutory provision is a reference to it as
      it may have been, or may from time to time be, amended, modified,
      consolidated or re-enacted except to the extent that any such amendment,
      consolidation or re-enactment after the date of this Deed would increase
      or extend the liability of any Joint Sponsor hereunder (whether in its
      capacity as Subscriber or not).

                

        

        

        2.       
    NOVATION

        

        On the
date of this Deed, and in consideration for the parties’ mutual obligations
under this Deed:

        

        
          	
                  2.1

                	
                  the
      Subscriber novates to the New Subscriber its rights and benefits under the
      Second Subscription and Transfer
Deed;

                

        

        

        
          	
                  2.2

                	
                  the
      New Subscriber assumes and shall be obliged and undertakes to perform and
      discharge the Subscriber’s obligations, duties and liabilities under the
      Second Subscription and Transfer Deed in place of the Subscriber to the
      extent falling to be performed and discharged after the date of this
      Deed;

                

        

        

        
          	
                  2.3

                	
                  the
      New Subscriber shall have all the rights and benefits, and shall bear all
      the obligations, duties and liabilities, of the Subscriber under the
      Second Subscription and Transfer Deed from the date of this
      Deed;

                

        

        

        
          	
                  2.4

                	
                  the
      Subscriber is released from all of its obligations, duties and liabilities
      under the Second Subscription and Transfer Deed to the extent falling to
      be performed and discharged after the date of this Deed (but without
      prejudice to any accrued rights);
and

                

        

        

        
          	
                  2.5

                	
                  the
      Company, RBSG and [UBS] [Merrill Lynch] consent and
      agree:

                

        

        

        
          	
                   
      

                	
                  (i)

                	
                  to
      the terms of this Deed and the novation effected by
  it;

                

        

        

        
          	
                   
      

                	
                  (ii)

                	
                  to
      be bound by the Second Subscription and Transfer Deed in every way as if
      the New Subscriber were expressly named as the Subscriber under the Second
      Subscription and Transfer Deed; and

                

        

         

        
          
            
            

          

          
            Page
13

            
              

            

          

          
            
            

          

        

         

        
          	
                   
      

                	
                  (iii)

                	
                  to
      discharge the Subscriber from all claims, liabilities and demands by the
      Company, RBSG or [UBS] [Merrill Lynch] under the Second
      Subscription and Transfer Deed save to the extent these have accrued prior
      to the date of this Deed.

                

        

        

        
          	
                  3.

                	
                  NOTICE AND
      ACKNOWLEDGMENT

                

        

        

        
          	
                  3.1

                	
                  The
      Subscriber notifies each of the other parties of the novation referred to
      in clause 2.

                

        

        

        
          	
                  3.2

                	
                  Each
      of the other parties consents to the novation referred to in clause 2 and
      acknowledges receipt and sufficiency of the notification given by the
      Subscriber in clause 3.1.

                

        

        

        4.           VARIATION

        

        
          	
                  4.1

                	
                  No
      variation of this Deed shall be valid unless it is in writing and signed
      by or on behalf of each of the parties. The expression “variation” shall
      include without limitation any supplement, deletion, novation or
      replacement howsoever effected.

                

        

        

        
          	
                  4.2

                	
                  Unless
      expressly agreed, no variation shall constitute a general waiver of any
      provisions of this Deed, nor shall it affect any rights, obligations or
      liabilities under or pursuant to this Deed which have already accrued up
      to the date of variation, and the rights and obligations of the parties
      under or pursuant to this Deed shall remain in full force and effect,
      except and only to the extent that they are so
  varied.

                

        

        

        5.           FURTHER ASSURANCE

        

        Each
party agrees to perform all further acts and things, and execute and deliver
such further documents, as may be required by law or as may be necessary or
reasonably desirable to implement and/or give effect to this Deed.

        

        6.           ASSIGNMENTS AND
TRANSFER

        

        Other
than in accordance with the provisions of clause 5 of the Second Subscription
and Transfer Deed, no party may assign any of its rights or transfer any of its
rights or obligations under this Deed.

        

        7.           PARTIAL INVALIDITY

        

        If any
provision of this Deed is or becomes invalid, illegal or unenforceable in any
jurisdiction, that shall not affect the legality, validity or enforceability of
the remaining provisions in that jurisdiction or of that provision in any other
jurisdiction.

        

        8.           WAIVER OR VARIATION

        

        No
failure or delay by any Party in exercising any right or remedy relating to this
Deed shall affect or operate as a waiver or variation of that right or remedy or
preclude its exercise at any subsequent time. No single or partial exercise of
any such

        

        
          
            
            

          

          
            Page
14

            
              

            

          

          
            
            

          

        

         

        right or remedy shall preclude any further exercise of it or the
exercise of any other remedy.

        

        9.           NOTICES

        

        
          	
                  9.1

                	
                  The
      provisions of clause 18 (Notices) of the Second
      Subscription and Transfer Deed shall apply to this
  Deed.

                

        

        

        
          	
                  9.2

                	
                  For
      the purpose of the Second Subscription and Transfer Deed, the New
      Subscriber’s address for notices shall be as
  follows:

                

        

        

        For the
attention of [name or position]

        

        [address]

        

        Facsimile
number: [number]

        

        10.      COUNTERPARTS

        

        This Deed
may be executed in any number of counterparts and by the parties on different
counterparts, but shall not be effective until each party has executed at least
one counterpart. Each counterpart shall be deemed an original, but all the
counterparts shall together constitute one and the same agreement.

        

        11.      CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

        

        A person
who is not a party to this Deed shall have no right under the Contracts (Rights
of Third Parties) Act 1999 to enforce any of its terms.

        

        12.      SERVICE OF PROCESS

        

        The
Company hereby irrevocably appoints Hackwood Secretaries Limited at the date
hereof situated at One Silk Street, London EC2Y 8HQ (for the attention of the
Company Secretary for the time being) or such other person as the Company may
from time to time approve for the purpose of accepting service of process on its
behalf in England in respect of any proceedings arising out of or in connection
with this Deed. Such service shall be deemed completed on delivery to Hackwood
Secretaries Limited whether or not it is forwarded to or received by the
Company).

        

        13.      GOVERNING LAW

        

        This Deed
and any non-contractual obligations arising out of or in relation to this Deed
are governed by and shall be construed in accordance with English
law.

        

        14.      JURISDICTION

        

        The
parties irrevocably agree that the English courts shall have exclusive
jurisdiction to settle any dispute arising out of or in connection with this
Deed and each party irrevocably agrees to submit to the exclusive jurisdiction
of the English courts for all purposes relating to this Deed.

        

        
          
            
            

          

          
            Page
15

            
              

            

          

          
            
            

          

           

        

        IN WITNESS
whereof the parties have executed this Deed on the date and year
first above
written.

        

        

        
          
            
            

          

          
            Page
16

            
              

            

          

          
            
            

          

        

        

        
          
            	
                    SIGNED
      and
      DELIVERED 

                    as
      a DEED
      by ENCUENTRO
      LIMITED 

                    acting by two Directors and  

                    [a
      Director] and [the Secretary] 

                  	
                    )

                    )

                    )

                    )

                  

          

           

          
            
            

            
              
                	
                        
                          
                            SIGNED
      and
      DELIVERED 

                            as
      a DEED
      by THE
      ROYAL BANK OF   

                            SCOTLAND
      GROUP PLC  

                            acting
      by a Director and 

                            [a
      Director]
      [the
      Secretary]

                          

                        

                      	
                        )

                        )

                        )

                        )
      

                          )

                        

                      

              

               

            

          

           

          
             

            
              
                
                  	
                          
                            SIGNED
      and
      DELIVERED

                            as
      a DEED by
      UBS
      LIMITED 

                            acting
      by authorised signatories

                          

                        	
                          )

                          )

                          )

                        

                

                 

              

            

          

          
             

            
              
                 

                
                  
                    	
                            
                              SIGNED
      and
      DELIVERED 

                                as
      a DEED
      by

                                MERRILL
      LYNCH INTERNATIONAL

                              

                            

                          	
                            )

                            )

                            )

                          

                  

                   

                

              

            

          

          Witnessed
by: .....................................

           

          Name:
..............................................

           

          Occupation:    .....................................

           

          Address:
............................................

          
             

            
              
                
                  	
                          
                            SIGNED
      and
      DELIVERED  

                            as
      a DEED
      by 

                            [NEW
      SUBSCRIBER]  

                            acting
      by a Director and 

                            [a
      Director]
      [the
      Secretary] 

                          

                        	
                          )

                          )

                          ) 

                            ) 

                              )Exhibit
4.20

     

    
      

      
        	
                The
      Royal Bank of Scotland Group Plc

                36 St Andrew
      Square

                Edinburgh EH2
      2YB

                Scotland

                Registered
      number: 45551

                 

              	
                The
      Commissioners of Her Majesty’s Treasury

                1 Horse
      Guards Road

                London

                SW1A
      2HQ

              	
                Encuentro
      Limited

                Whiteley
      Chambers

                Don
      Street

                St
      Helier

                Jersey JE4
      9WG

                Jersey

                Registered
      number: 99953

                 

              

      

      
        	
                UBS
      Limited

                1 Finsbury
      Avenue

                London EC2M
      2PP

                United
      Kingdom

                Registered
      number: 2035362

                 

                 

              	
                Merrill
      Lynch International

                Merrill Lynch
      Financial Centre

                2 King Edward
      Street

                London EC1A
      1HQ

                United
      Kingdom

                Registered
      number: 02312079

                 

              

      

      

      

      

      AMENDMENT DEED

      

      

      Computershare Investor Services
PLC

      acting as Receiving Agents
through:

      

      Corporate Actions
Projects

      The Pavilions

      Bridgwater Road

      Bristol

      BS99 6AH

      

      and as Registrars
through:

      

      Computershare Investor Services
PLC

      The Pavilions

      Bridgwater Road

      Bristol

      BS99 6ZZ

      

      28 November 2008

      

      Dear Sirs,

      

      Project
Blade - The Royal Bank of Scotland Group plc (the “Company”)

      

      We refer to:

      

      (a)           a Deed of Appointment and Instruction
entered into on 4 November 2008 between the parties hereto (the “Deed of Appointment
and Instruction”) a copy of
which is appended to this Amendment Deed;

      

      (b)           the proposed issue by the Company
to HM Treasury of 5,000,000 Non-cumulative Sterling
Preference Shares of £1.00 each in the capital of the Company (the “Preference
Shares” and the
“Preference Share
Issue”) pursuant to a
Preference Share Acquisition Agreement (as amended) effective as from 13 October
2008 (the “Preference Share
Agreement”);
and

      

      (c)           the First Subscription and Transfer Deed
and the Second Subscription and Transfer Deed each entered into by the Company,
Merrill Lynch International, UBS Limited and Encuentro Limited on 4

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      November 2008 (the “First Subscription
and Transfer Deed” and the
“Second
Subscription and Transfer Deed”, respectively).

      

      Capitalised terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Deed of
Appointment and Instruction.

      

      1.           Amendment to Deed of Appointment and
Instruction

      

      
        	
                (i)  

              	
                The parties to this Deed hereby
      agree that the term “Initial Proceeds” shall, for the purposes of the Deed
      of Appointment and Instruction (and in particular Clause 14 thereof), be
      deemed to include any and all subscription amounts paid by HM Treasury
      into the Acceptance Account under the Preference Share Agreement or
      otherwise in relation to the Preference Share
  Issue.

              

      

      

      
        	
                (ii)  

              	
                Clause 35 of
      the Deed of Appointment and
      Instruction shall be deemed amended by the insertion of the
      following text between the term “Deed of Appointment and
      Instruction” and the word “constitutes”:

              
	 	 
	 	“(as amended
      by the Amendment Deed made on 28 November 2008) between the parties
      hereto)”

      

       

      
        	
                (iii)  

              	
                The following words shall be added
      as a new clause 42:

              
	 	 
	 	“Capitalised
      terms used herein and not otherwise defined shall have the meaning
      ascribed to them in the Placing Agreement (as
  amended).”

      

       

      2.           Amendments to Subscription and Transfer
Deeds

      

      2.1           FIRST SUBSCRIPTION AND TRANSFER
DEED

      

      The parties to this Deed hereby agree
that the First Subscription and Transfer Deed shall be amended in the follow
manner:

      

      

      
        	
                (i)  

              	
                in the
      definition of “Subscription Amount” the words “immediately prior to
      Admission” shall be replaced by the words “immediately prior to the
      payment pursuant to clause 2.2
hereof”;

              

      

      

      
        	
                (ii)  

              	
                in clause 2.1,
      the  words “and following payment of the Subscription Amount to
      the Company (or as the Company directs)” shall be
      deleted;

              

      

      

      
        	
                (iii)  

              	
                in clause 2.2, the words “immediately before
      the transfer of the Subscriber “A” Preference Shares to RBSG” shall be
      replaced by the words “as soon as it is notified that the amount standing
      to the credit of the Transaction Bank Account in cleared funds includes
      all sums payable by HM Treasury under the Placing Agreement and the
      Preference Share Acquisition Agreement (to be notified to the Company and
      the Subscriber by email from Computershare Investor Services PLC)” and the
      words “and in any event no later than 5.00  p.m. (or as
      otherwise agreed between the parties) on the date of Admission” shall be
      deleted;

              

      

      

      
        	
                (iv)  

              	
                clause 2.3 shall be deleted and
      replaced with the following:

              
	 	 
	
                 

              	“The
      obligations of the Subscriber and the Company pursuant to clauses 2.1 and
      2.2 of this Deed are conditional upon the Placing Agreement and the
      Preference Share Acquisition Agreement becoming unconditional in all
      respects and not having been terminated in accordance with their
      respective terms, at which time allotment of the Subscriber “A” Preference
      Shares to the Subscriber shall occur and the Payment Undertaking shall
      become effective (but, for the avoidance of doubt, the obligation to
      procure payment of the Subscription Amount shall not become effective
      until the
      Subscriber is notified that the amount standing to the credit of the
      Transaction Bank Account in cleared funds includes all sums payable by HM
      Treasury under the 

      

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      
        	
                 

              	Placing
      Agreement and the Preference Share Acquisition Agreement (to be notified
      to the Company and the Subscriber by email from Computershare Investor
      Services PLC)).” 

         

      

      
        	
                (v)  

              	
                in clause 2.4(a) the words
      “Admission
      has taken place”
      shall be replaced with the words “it is notified that the amount standing to the credit
      of the Transaction Bank Account includes all sums payable by HM
      Treasury under the
      Placing Agreement and the Preference Share Acquisition Agreement (to be
      notified to the Company and the Subscriber by email from Computershare
      Investor Services PLC)”;

              

      

      

      
        	
                (vi)  

              	
                clause 3.1 shall be deleted and
      replaced with the following:

              
	 	 
	
                 

              	“Subject to
      (i) the Placing Agreement and
      the
      Preference Share Acquisition Agreement becoming unconditional in all
      respects and not having been terminated in accordance with their
      respective terms and (ii) the Subscriber “A” Preference Shares having
      been allotted to the Subscriber in accordance with clause 2, the
      Subscriber shall, immediately following such allotment, transfer to
      RBSG:

      

       

      
        	
                (a)  

              	
                the
      Subscriber Ordinary Shares allotted and issued to it pursuant to the
      Option Agreement; and

              

      

      

      
        	
                (b)  

              	
                the
      Subscriber “A” Preference Shares allotted and issued to it pursuant to
      clause 2,

              

      

      

      in
each case credited as fully paid up

       

      
        	
                (vii)  

              	
                Clause 3.2 shall be deleted and
      replaced with the following
words:

              

      

      

      
        	
                 

              	
                
                  “3.2  
      The
      consideration for the
      transfer of (i)
      the
      Subscriber Ordinary Shares and the Subscriber “A” Preference Shares
      pursuant to clause 3.1
      and (ii) the Further Ordinary Shares and the Subscriber “B” Preference
      Shares (as defined in the Second Subscription and Transfer Deed, the
      “Subscriber
      “B” Preference Shares”)
      pursuant to the Second Subscription and Transfer Deed
      shall be the allotment and issue by RBSG of the RBSG Ordinary Shares as
      set out in the Placing Agreement,
      provided that (a) the consideration for the transfer of the Subscriber “A”
      Preference Shares (and not, for the avoidance of doubt, of the Subscriber
      Ordinary Shares, the Further Ordinary Shares or the Subscriber “B”
      Preference Shares) shall also include the issue and allotment of the RBSG
      Preference Shares as set out in the Preference Share Acquisition
      Agreement,
      and
      (b) the
      value of the consideration allocated to the Subscriber Ordinary Shares and
      the Further Ordinary Shares shall respectively be £11.00 and £12.00, and
      the remainder of the consideration shall be allocated to the Subscriber
      “A” Preference Shares and the Subscriber “B” Preference
      Shares.

                

                 

                The Company acknowledges that neither the RBSG Ordinary Shares nor
      the Preference Shares to be issued by RBSG pursuant to the Preference
      Share Acquisition Agreement will be issued for less than their respective
      nominal values.”

              
	
                 

              	 
	
                2.2 

              	SECOND SUBSCRIPTION AND
      TRANSFER DEED
	 	 

      

      The parties to this Deed
hereby further agree that the Second Subscription and Transfer Deed shall be
amended in the follow manner:

      
        	
              	 
	
                (i) 

              	In
      clause 2.1 the word “Upon” shall be replaced by the
      words:
	 	 
	 	“Unless
      the parties hereto agree otherwise,
  upon”;

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                (ii)

              	
                In clause 3.1, the words
      “in each case fully paid up” shall be replaced with the words “in
      each case credited as fully paid up”;

              
	 	 
	
                (iii) 

              	
                Clause 3.2
      shall be deleted and replaced with the following
  words:

              

      

      

      
        	
                 

              	
                
                  “3.2  
      The consideration
      for the transfer
      of the Further Ordinary Shares and the Subscriber “B” Preference Shares
      pursuant to clause 3.1 shall
      be the allotment and issue by RBSG of the RBSG Ordinary Shares as set out
      in the Placing Agreement,
      provided that (a) such allotment and issue shall also constitute
      consideration for the transfer of the Subscriber Ordinary Shares and the
      Subscriber “A” Preference Shares (as defined in the First Subscription and
      Transfer Deed, the “Subscriber
      “A” Preference
      Shares”)
      pursuant to the First Subscription and Transfer Deed, and (b) the value of
      such consideration allocated to the Further Ordinary Shares shall be
      £12.00, and the remainder of such consideration shall be allocated to the
      Subscriber Ordinary Shares (as to a value of £11.00), the Subscriber “A”
      Preference Shares and the Subscriber “B” Preference
      Shares.”

                

              

      

      

      3.         Administration of Preference Share
Issue

      

      The parties also agree that
Computershare will perform such administrative services as are reasonably
requested by the Company in relation to the Preference Share
Issue, such administrative services to include, without limitation, the
following:

       

      Preference
stock set up

       

      
        	
                ·  

              	
                Prepare style
      of preference share certificate, if
required

              

      

       

      
        	
                ·  

              	
                Set up stock class on
      system

              

      

       

      
        	
                ·  

              	
                Allot preference stock in
      accordance with standing
instructions

              

      

       

      Preference stock
maintenance

       

      
        	
                ·  

              	
                Administration of the Register
      of  Preference Holders

              

      

       

      
        	
                ·  

              	
                Registration
      and recording of changes of address, dividend/ interest mandate
      instructions, probates and confirmations, powers of attorney and other
      legal documents

              

      

       

      
        	
                ·  

              	
                Management of up to two dividend/
      interest distributions per annum and reconciliation of the associated Bank
      accounts

              

      

       

      
        	
                ·  

              	
                Allow company access to the
      Preference stock register through secure link via www.computershare.com - includes various statistical
      information such as top holders, percentages, issued capital and range
      analysis

              

      

       

      
        	
                ·  

              	
                Shareholder access to their
      individual holding via ‘hotlink’ through own site or by direct enquiry to
      www.computershare.com

              

      

       

      
        	
                ·  

              	
                Preparation of stationery and
      distribution of share
certificates

              

      

       

      
        	
                ·  

              	
                Daily
      notification of all movements of shares above a set predetermined limit
      via Dashboard

              

      

       

      
        	
                ·  

              	
                Daily
      notification of large transactions registered above a set predetermined
      limit via Dashboard

              

      

       

      
        	
                ·  

              	
                Regular movements report
      detailing all transactions registered via
      Dashboard

              

      

       

      
        	
                ·  

              	
                Preparation of the requisite list
      of shareholders on CD-ROM to accompany the annual
      return

              

      

       

      Preference
redemptions

       

      
        	
                ·  

              	
                Receive and
      process valid full or partial redemption
  instructions

              

      

       

       

      
        	
                ·  

              	
                Return
      incorrectly completed redemption instructions to shareholders answering
      any query that they have raised in connection with the
      redemption

              

      

       

       

      
        	
                ·  

              	
                Receive CREST USE messages for
      redemption

              

      

       

       

      
        	
                ·  

              	
                Preparation of stationery and
      distribution of redemption monies and issue of any remaining balance share
      certificates

              

      

       

       

      
        	
                ·  

              	
                Arrange CREST messages for cash
      payments

              

      

       

       

      
        	
                ·  

              	
                Report to company on level of
      redemptions

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      4.           Miscellaneous

       

      
        	
                (i)

              	
                This
      Agreement may be executed in any number of counterparts, and by the
      parties on separate counterparts, but shall not be effective until each
      party has executed at least one
counterpart.

              

      

       

      
        	
                (ii)

              	
                Each
      counterpart shall constitute an original of this Agreement, but all the
      counterparts shall together constitute but one and the same
      instrument.

              
	 	 
	
                (iii)

              	Clauses 27-41
      of the Deed of Appointment and Instruction shall apply to this Deed mutatis
      mutandis, provided that in clause 35 of the Deed of Appointment and
      Instruction the words “as amended by an Amendment Agreement made on 28
      November 2008 between the parties hereto” shall be inserted between “This
      Deed of Appointment and Instruction” and the word
      “constitutes”.

      

       

      Please confirm your
acceptance of the terms of this Deed by signing and returning to us the enclosed
copy of this Deed.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

       

      
        	
                SIGNED and
      DELIVERED as a DEED by The Royal Bank of Scotland Group plc

                 

                acting by two
      Directors or a Director and the Secretary

              	  	
                /s/
      [illegible]

                /s/
      [illegible]

              	 

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	
                SIGNED and
      DELIVERED as a DEED by two Commissioners of Her Majesty's Treasury in the
      presence of

                 

              	  	
                /s/ Steve
      McLabe

                /s/
      DeWatts

              	 

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
                SIGNED and
      DELIVERED as a DEED by UBS LIMITED

                 

                acting by
      authorised signatories

                 

              	  	
                /s/
      [illegible]

                Director

              	
                /s/ David
      Seal

                David
      Seal

                Associate
      Director

              

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
        	
                SIGNED and
      DELIVERED as a DEED by MERRILL LYNCH INTERNATIONAL

                 

                 

                 

                 

              	  	/s/
      [illegible]
	Witnessed by:
      /s/ Deborah Yates	 	 
	 	 	 
	Name: Deborah
      Yates	 	 
	 	 	 
	Occupation:
      AVP, OGC	 	 
	 	 	 
	Address: 2
      King Edward Street, London EC1A 1HQ	 	 

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	
                SIGNED and
      DELIVERED as a DEED by Encuentro Limited

                 

                acting by two
      Directors or a Director and the Secretary

              	  	
                /s/
      [illegible]

                /s/
      [illegible]

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

       

       

      
        	
                SIGNED and
      DELIVERED as a DEED by Computershare Investor Services PLC

                 

                 

              	  	/s/
      [illegible]

      

      
        	Witnessed by:
      /s/ Angela Winchester	 	 
	 	 	 
	Name: Angela
      Winchester	 	 
	 	 	 
	Occupation:
      PA/Paralegal	 	 
	 	 	 
	Address: The
      Pavilions, Bridgewater Rd., Bristol BS13
8AE

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      

       

      Appendix

       

      Deed
of Appointment and Instruction

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