Document:

EXHIBIT 4.9

     

     

    
       

      

       

      Dated
          December
2008

       

      

       

      

       

      THE
ROYAL BANK OF SCOTLAND GROUP PLC

       

      and

       

      BANCO
SANTANDER, S.A.

       

      and

       

      FORTIS
BANK NEDERLAND (HOLDING) N.V.

       

      and

       

      THE
STATE OF THE NETHERLANDS

       

      and

       

      RFS
HOLDINGS B.V.

      

       

        
          

        

      

      

       

      DEED
OF ACCESSION

       

       

        
          

        

         

        
          Slaughter and
May

          One Bunhill
Row

          London EC1Y
8YY

          (RJYT)

          
            CD083580066

             

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

        
          Contents

           

          
            	 
      	 
      	
                    Page

                  
	
                    1.

                  	
                    Definitions and
    Interpretations

                  	
                    2

                  
	 	 	 
	
                    2.

                  	
                    Undertakings of the State

                  	
                    2

                  
	 	 	 
	
                    3.

                  	
                    Rights of the State

                  	
                    4

                  
	 	 	 
	
                    4.

                  	
                    Rights and Obligations of
      Fortis

                  	
                    4

                  
	 	 	 
	
                    5.

                  	
                    Specific Additions and Amendments to the
      CSA

                  	
                    6

                  
	 	 	 
	
                    6.

                  	
                    Notices

                  	
                    7

                  
	 	 	 
	
                    7.

                  	
                    Assignment and Transfer

                  	
                    7

                  
	 	 	 
	
                    8.

                  	
                    Third Party Rights

                  	
                    7

                  
	 	 	 
	
                    9.

                  	
                    Status of this Deed

                  	
                    7

                  
	 	 	 
	
                    10.

                  	
                    General Provisions

                  	
                    8

                  
	 	 	 
	
                    Schedule 1

                  	
                    9

                  
	 	 
	
                    Schedule 2

                  	
                    10

                  
	 	 
	
                    Schedule 3

                  	
                    11

                  
	 	 
	
                    Schedule 4

                  	
                    12

                  
	 	 
	
                    APPENDIX

                  	
                    15

                  

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    
      THIS DEED is made on
         December 2008
between:

       

      
        	
                (1)

              	
                THE ROYAL BANK OF SCOTLAND
      GROUP PLC, a company incorporated in Scotland (registered no.
      SC45551), whose registered office is at 36 St Andrew Square, Edinburgh,
      EH2 2YE (“RBS”);

              

      

       

      
        	
                (2)

              	
                BANCO SANTANDER S.A.
      (formerly known as Banco Santander Central Hispano, S.A.), a company
      incorporated in Spain (registered at the Cantabria Commercial Registry),
      whose registered office is at Paseo de Pereda 9-12, Santander, Spain
      (“Santander”);

              

      

       

      
        	
                (3)

              	
                FORTIS BANK NEDERLAND (HOLDING)
      N.V., a company incorporated in The Netherlands (registered no.
      30080248), whose registered office is at  Prins Bernhardplein
      200, 3584 BA, Utrecht, The Netherlands (“FBNH”);

              

      

       

      
        	
                (4)

              	
                THE STATE OF THE NETHERLANDS
      (De Staat der
      Nederlanden) having its seat at The Hague, The Netherlands,
      represented by the Minister of Finance, Korte Voorhout 7, The Hague, The
      Netherlands (the “State”);
    and

              

      

       

      
        	
                (5)

              	
                RFS HOLDINGS B.V., a
      company incorporated in The Netherlands (registered no. 34273228), whose
      registered office is at Strawinskylaan 3105, 1077 ZX Amsterdam, The
      Netherlands (the “Company”).

              

      

       

      Whereas:

       

      
        	
                (A)

              	
                On 28 May
      2007, RBS, Santander, Fortis and the Company entered into a consortium and
      shareholders’ agreement relating to the Investors’ investment in the
      Company and the parties then supplemented and amended that agreement on 17
      September 2007 and 26 August 2008 by entering into supplemental agreements
      (that agreement as subsequently supplemented and amended from time to
      time, the “CSA”).

              

      

       

      
        	
                (B)

              	
                By virtue of
      a deed of accession dated 26 July 2007 (and following its acquisition of
      shares in the Company), FBNH agreed to adhere to the provisions of the
      CSA.

              

      

       

      
        	
                (C)

              	
                On 3 October
      2008, the State acquired the entire issued ordinary share capital of
      FBNH.  It is proposed that, in December 2008 or as soon as
      reasonably possible thereafter, FBNH will transfer its shares in the
      Company to the State.

              

      

       

      
        	
                (D)

              	
                The parties
      wish to establish the basis on which the State will become a party to the
      CSA and on which they intend that Fortis and FBNH will cease to be a party
      to the CSA.

              

      

       

      
        	
                (E)

              	
                In addition,
      the parties have agreed that they wish to, where appropriate, restrict,
      amend or extend the provisions of the CSA so as to encompass: (i) the fact
      that members of the Retained Group and the Acquired Companies should cease
      to benefit from the indemnities granted by the Investors in paragraph 7.1
      of Part 1 of Schedule 3 to the CSA once they no longer form part of the
      Retained Group, the ABN AMRO Group or the relevant Investor’s Group (which
      shall mean, in the case of RBS, the Wider RBS Group), as applicable; (ii)
      indemnification by the Investors in their
  Consortium

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

        
          	
                   

                	
                  Proportions
      of each member of the Retained Group (whilst such member remains part of
      the Retained Group) and the other Investors and members of their
      respective Groups – which shall mean, in the case of RBS, the Wider RBS
      Group – (including their Acquired Companies whilst such Acquired Companies
      are members of the ABN AMRO Group or the relevant Investor’s Group) as
      regards Liabilities that relate to the Retained Business; and (iii)
      certain changes to the third party rights provisions in Clause 20.11 of
      the CSA.

                

        

         

      

      Now
this Deed witnesseth and it is hereby agreed with and for the benefit of each
party to the CSA and each party who becomes a party to the CSA after the date of
this Deed:

       

      
        
          	
                  1.

                	
                  Definitions
      and Interpretations

                

        

      

       

      
        	
                1.1

              	
                Definitions

              
	 	 
	 	In
      this Deed (including the Recitals and Schedules hereto), unless the
      subject or context otherwise requires, words defined in the CSA shall have
      the same meanings when used herein and:
	 	 
	 	"Closing Date” means 3
      October 2008; and
	 	 
	 	“Wider RBS Group” means,
      in relation to RBS, its holding companies, subsidiaries and subsidiary
      undertakings and subsidiaries or subsidiary undertakings of such holding
      companies from time to time.
	 	 
	 	In
      addition, in this Deed and for the purposes of the CSA generally, the
      terms “Group”,
      “holding company”
      and other terms of similar import, when used in connection with the State,
      shall be construed as if the State were a company. Further, the parties
      agree that the term "Group" in the articles of association of the Company
      when used in connection with the State, shall also be construed as if the
      State were a company.

      

       

      
        	
                1.2

              	
                Interpretation

              

      

       

      The provisions of
Clause 1 of the CSA shall apply to this Deed mutatis
mutandis.

       

      
        	
                1.3

              	
                Headings

              

      

       

      Headings shall be
ignored in the construction of this Deed.

       

      
        
          	
                  2.

                	
                  Undertakings
      of the State

                

        

      

       

      
        	
                2.1

              	
                The State
      undertakes, for the benefit of the Company, RBS and Santander, that it
      will, with effect from the Closing Date, assume, perform and comply with
      each of the obligations of Fortis and FBNH under the CSA as if it had been
      a party to the CSA at the date of execution thereof and been named in it
      as an Investor.  Each of the Company, RBS and Santander may
      enforce the terms of this Clause 2.

              

      

       

      
        	
                2.2

              	
                Without
      prejudice to the generality of Clause
2.1:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the State
      undertakes to procure that, for so long as FBNH remains a shareholder of
      the Company and except with the consent of RBS
  and

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

        
           

          
            	
                     
      

                  	
                     

                  	
                    and
      Santander, the entire issued ordinary share capital of FBNH will at all
      times be held and beneficially owned by the State (directly or indirectly)
      and the State will at all times be able to control the exercise of all the
      voting rights in FBNH;

                  

          

           

        

      

      
        	
                 
      

              	
                (B)

              	
                it is agreed
      that all understandings which were reached on or before the Closing Date
      between RBS, Santander, Fortis and FBNH concerning the implementation of
      the CSA, the restructuring of the ABN AMRO Group and the implementation of
      the Transitional Plan and all decisions made on or before the Closing Date
      by the board and shareholders of the Company (including in relation to
      shareholder distributions) should be honoured (including the understanding
      that after the Restructuring RBS will be the owner of ABN AMRO and ABN
      AMRO Bank).  RBS, Santander, FBNH and the State agree to do
      everything they can to implement such understandings and
      decisions.

              

      

       

      
        	
                2.3

              	
                It is
      acknowledged that the understandings and decisions referred to in
      Clause 0 are, so far
      as material, those referred to in:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the document
      entitled “CFO
      Issues” which appears as the Appendix to this Deed;
    and

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the minutes
      of the meetings of the boards of directors and shareholders of the
      Company, ABN AMRO and ABN AMRO Bank, including the minutes of the meetings
      of the Transition Management Committee of the boards of ABN AMRO and ABN
      AMRO Bank,

              

      

       

      together with those
understandings and decisions which are consistent with the understandings and
decisions referred to above and which have been reached as a direct consequence
of such understandings and decisions.

       

      
        	
                2.4

              	
                It is further
      acknowledged that the parties anticipate reaching further understandings
      and decisions of the type referred to in Clause 0
      following the date of this Deed.  These understandings and
      decisions are expected to include, without limitation, further agreements
      in relation to financial matters agreed by the Chief Financial Officers
      (or equivalent) of the Investors pursuant to the principles of the CSA and
      agreement on the terms of a Litigation Management Agreement and on various
      tax matters outstanding between RBS, Fortis and FBNH.  All such
      understandings and decisions will be treated as subject to Clause 0.

              

      

       

      
        	
                2.5

              	
                It is agreed
      between the parties that in respect of the understandings and decisions
      referred to in the section entitled “GALM” in the document
      entitled “CFO
      Issues” which appears as the Appendix to this Deed, they shall take
      all reasonable steps within their power (including, without limitation,
      passing all necessary shareholder resolutions of the Company) with a view
      to ensuring that those understandings and decisions are accounted for in
      the books of the Company prior to 31 December
  2008.

              

      

       

      
        	
                2.6

              	
                Notwithstanding
      Clause 2.5 above, it is understood between the parties that until the day
      falling three months from the date of this Deed any of the understandings
      and decisions referred to in the section entitled “GALM” in the document
      entitled “CFO
      Issues” which appears as the Appendix to this Deed may be revisited
      if they are found

              

      

      
         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

           

        

        
          	
                   

                	
                  to reflect
      manifest errors of fact and that the parties shall, acting reasonably,
      take steps to agree suitable adjustments in any such
  case.

                

        

      

       

      
        	
                2.7

              	
                Each of the
      State and FBNH shall indemnify each of the other Investors and the Company
      (and the members of their respective Groups) against all Liabilities which
      may arise or be incurred by them as a result of any failure by the State
      or FBNH (as applicable) to obtain any regulatory or other third party
      consents required by it for:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the State’s
      acquisition of the entire issued ordinary share capital of FBNH;
      and

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the State’s
      proposed acquisition of the shares in the Company held by
      FBNH.

              

      

       

      
        	
                2.8

              	
                It is
      acknowledged that, for the purposes of this Deed, De Nederlandsche Bank
      and the Dutch tax authorities do not form part of the
      State.  Accordingly, obligations assumed by the State in this
      Deed are not also assumed by De Nederlandsche Bank and/or the Dutch tax
      authorities.  In addition, where the State undertakes a
      procurement obligation (either in this Deed or in the CSA), such
      obligation does not imply a requirement to cause De Nederlandsche Bank or
      the Dutch tax authorities to take, or omit to take, any particular action,
      and requires the State to use only its powers as shareholder in FBNH or
      the Company (as the case may be) and not its legislative or other
      powers.

              

      

       

      
        	
                2.9

              	
                The parties
      acknowledge and agree that in relation to rights that the State
      may have under the provisions of Part 11 of Schedule 3 to the
      CSA, the parties shall apply the principles established out of
      discussions amongst the Chief Financial Officers of the State, RBS and
      Santander and/or their delegates as recorded in the minutes of the
      meetings amongst the said Chief Financial Officers and/or their
      delegates dated 6 November 2008, 12 November 2008, 27 November
      2008, 4 December 2008, 11 December 2008 and 17 December
    2008.

              

      

       

      
        
          	
                  3.

                	
                  Rights
      of the State

                
	 	 
	 	Subject as set out in this Deed, there shall
      be accorded to the State with effect from the Closing Date all the rights
      of Fortis under the CSA as if the State had been a party to the CSA at the
      date of execution thereof and had been named in it as an
      Investor.

        

      

       

      
        
          	
                  4.

                	
                  Rights
      and Obligations of Fortis

                

        

      

       

      
        	
                4.1

              	
                On 3 October
      2008, the State agreed with Fortis that it would assume the position of
      Fortis under the CSA. It is the intention of the parties that, subject to
      Clause 0 and with effect from the Closing
      Date:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                Fortis should
      be released from all undertakings, obligations, Liabilities and
      indemnities it has entered into, assumed or granted under the
      CSA;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                neither
      Fortis nor any of its subsidiaries or subsidiary undertakings should have
      any rights under the CSA; and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                Fortis should
      no longer be considered a party to the CSA nor shall it have any other
      rights under the Articles.

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                4.2

              	
                Notwithstanding
      Clause 0, it is
      the intention of the parties that Fortis should, vis a vis the
      State:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                continue to
      be responsible for, and to comply with, all undertakings, obligations,
      Liabilities and indemnities it has entered into, assumed or granted under
      the CSA insofar as they relate to Fortis Acquired Businesses which were
      separated from the ABN AMRO Group and transferred to Fortis prior to the
      Closing Date; and

              

      

       

      
        	
                 
      

              	
                (B)

              	
                continue to
      be responsible for any breach by it of its obligations under the CSA prior
      to the Closing Date (save for any breach arising in connection with the
      acquisition by the State of the entire issued ordinary share capital of
      FBNH).

              

      

       

      
        	 	In
      addition, it is the intention of the parties that Fortis should continue
      to have rights against the State (and the State only) under paragraph 7.1
      of Part 1 of Schedule 3 to the CSA insofar as it relates to Fortis
      Acquired Businesses which were separated from the ABN AMRO Group and
      transferred to Fortis prior to the Closing Date.  In turn, the
      State (and the State only) will be able to exercise such rights against
      the other Investors.
	 	 
	
                4.3

              	
                The State
      shall use all reasonable endeavours to procure the entry by Fortis into
      arrangements which are legally binding on all parties to the CSA and are
      consistent with the position described in Clauses 0 and
      0.

              

      

       

      
        	
                4.4

              	
                Following the
      proposed transfer by FBNH to the State of its shares in the Company, the
      position as described in Clauses 0 and
      0
      will apply mutatis
      mutandis to FBNH (save that it shall be legally binding and that
      the indemnities in Clauses 2.7 and 4.6 shall apply to FBNH notwithstanding
      Clause 4.1).  For this purpose, the “Closing Date” shall be the
      date on which FBNH transfers its shares in the Company to the
      State.

              

      

       

      
        	
                4.5

              	
                The State
      shall indemnify each of the other Investors and the Company (and the
      members of their respective Groups) and each of the directors of the
      Company against all Liabilities which may arise or be incurred by them as
      a result of any claim made after the Closing Date by Fortis, FBNH or any
      member of their respective Groups or any receiver (including an
      administrative receiver), liquidator, trustee, administrator, supervisor,
      nominee, custodian or any similar or analogous officer or official in any
      jurisdiction to be entitled to any rights under the
  CSA.

              

      

       

      
        	
                4.6

              	
                The State and
      FBNH shall jointly and severally indemnify each of the other Investors,
      the Company (and the members of their respective Groups) and each of the
      directors of the Company against all Liabilities which may arise or be
      incurred by them as a result of:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                any court
      decision that the acquisition of the entire issued ordinary share capital
      of FBNH by the State was unlawful or otherwise improperly
      effected;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                any court
      decision that the proposed acquisition by the State of the shares in the
      Company held by FBNH is unlawful or otherwise improperly effected;
      and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                any claims,
      actions or proceedings instituted (whether by shareholders in Fortis or
      otherwise) in relation to the acquisition of the entire issued ordinary
      share

              

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

           

        

        
          	
                   
      

                	
                   

                	
                  capital of
      FBNH by the State or in relation to the proposed acquisition by the State
      of the shares in the Company held by
FBNH.

                

        

         

      

      
        	
                4.7

              	
                RBS,
      Santander and the Company undertake to provide the State with such
      assistance as it may reasonably require in order to comply with a court
      order of the type referred to in Clauses 0
      and (B).  Any such assistance shall be provided at the cost of
      the State.

              
	 	 
	5.	Specific Additions and
      Amendments to the CSA

      

       

      
        	
                5.1

              	
                The parties
      agree that, for the purposes of the CSA generally, the term “Acquired Companies”
      shall be construed so as to include any companies established within the
      ABN AMRO Group for the purposes of acquiring Acquired Business Assets
      prior to their legal demerger as part of the
  Restructuring.

              

      

       

      
        	
                5.2

              	
                The parties
      agree that paragraph 7.1 of Schedule 3 – Part 1 to the CSA shall be
      supplemented such that:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                after the
      words “each member of the Retained Group” in the first and second line of
      paragraph 7.1 of Schedule 3 - Part 1 to the CSA, there shall follow the
      words “(whilst such member remains part of the Retained
      Group)”;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                after the
      words “their respective Groups” in the second line of paragraph 7.1 of
      Schedule 3 - Part 1 to the CSA, there shall follow the words “- being, for
      this purpose, in the case of RBS, the Wider RBS Group -
  ”;

              

      

       

      
        	
                 
      

              	
                (C)

              	
                after the
      words “(including, for this purpose, with effect from the Unconditional
      Date, their Acquired Companies” in the third line of paragraph 7.1 of
      Schedule 3 - Part 1 to the CSA, there shall follow the words “whilst such
      Acquired Companies are members of the ABN AMRO Group or the relevant
      Investor’s Group);” and

              

      

       

      
        	
                 
      

              	
                (D)

              	
                the following
      sentence shall be added at the end of paragraph 7.1 of Schedule 3 – Part 1
      of the CSA:

              
	 	 	 
	 	 	“For the
      avoidance of doubt, the terms of this paragraph 7.1 of Schedule 3 – Part 1
      shall not prevent any member of the Retained Group (whilst such member
      remains part of the Retained Group), an Investor or any member of its
      Group - being, for this purpose, in the case of RBS, the Wider RBS Group -
      from making a claim under this paragraph 7.1 of Schedule 3 – Part 1 in
      circumstances where it has disposed of a member of the Retained Group or
      part of the Retained Business or of an Acquired Company or any Acquired
      Business Assets to a third party and suffers a Liability under the terms
      of that disposal to the extent that the same relates to the Acquired
      Business Assets of another Investor.”

      

       

      
        	
                5.3

              	
                The parties
      agree that a new paragraph 7.7 shall be added to paragraph 7 of Schedule 3
      – Part 1 to the CSA as set out in Schedule 1 to this
  Deed.

              

      

       

      
        	
                5.4

              	
                Clause 20.11
      of the CSA shall be deleted in its entirety and replaced by a new Clause
      20.11 as set out in Schedule 2 to this
Deed.

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	
                5.5

              	
                Paragraph 3
      of Schedule 3 – Part 7 to the CSA shall be deleted in its entirety and
      replaced by a new paragraph 3 as set out in Schedule 3 to this
      Deed.

              

      

       

      
        	
                5.6

              	
                Paragraph 4
      of Schedule 3 - Part 7 to the CSA shall be deleted in its entirety and
      replaced by a new paragraph 4 as set out in Schedule 4 to this
      Deed.

              

      

       

      
        	
                5.7

              	
                The
      amendments referred to in Clauses 0 to
      0
      shall be deemed to have had effect as if made on the original execution of
      the CSA on 28 May 2007.

              

      

       

      
        
          	
                  6. 

                	
                  Notices

                

        

      

       

      The address and
facsimile number designated by the State for the purposes of Clause 21 (Notices)
of the CSA are:

       

      Address:            Ministry of
Finance

                                                 Korte Voorhout
7/P.O.Box 20201

                                                 2500 EE The
Hague

       

      Fax:                              +31 70
342 79 33

       

      For the attention
of:         Wouter Raab
(Director), Rens Brocheler (Head)

       

      
        
          	
                  7.

                	
                  Assignment
      and Transfer

                
	 	 
	 	Each party to this Deed hereby acknowledges
      and agrees that it shall have no right to assign, transfer or in any way
      dispose of the benefit (or any part thereof) or the burden (or any part
      thereof) of this Deed without the prior consent of all the other parties
      to this Deed.

        

      

      
         

        
          	
                  8.

                	
                  Third
      Party Rights

                
	 	 
	 	Clause 0 of
      this Deed confers a benefit on the directors of the Company and subject to
      the remaining provisions of this clause is intended to be enforceable by
      the directors of the Company.  Except as aforesaid and other
      than by any party to the CSA, no term of this Deed is enforceable under
      the Contracts (Rights of Third Parties) Act 1999 by a person who is not a
      party to this Deed.  The provisions of this Deed may be
      rescinded or varied in any way and at any time by the parties to this Deed
      without the consent of the directors of the
  Company.

        

      

       

      
        
          	
                  9.

                	
                  Status
      of this Deed

                
	 	 
	 	Notwithstanding any other provision in this
      Deed, it is acknowledged that the CSA shall be amended as between the
      parties to this Deed and that no provision of it is intended to confer any
      rights (whether by virtue of any provision relating to third party rights
      or otherwise) on Fortis.

        

      

       

      
        
          	
                  10.

                	
                  General
      Provisions

                
	 	 
	 	The
      provisions of Clauses 10 (Representations and Warranties), 16
      (Confidentiality and Announcements), 19 (Entire Agreement and Non
      Reliance), 20 (General) and 22 

        

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

        
          
            
              	 	(Governing
      Law and Arbitration) of the CSA shall apply (mutatis
      mutandis) to this Deed as if expressly set out
  herein.

            

          

           

        

      

      In witness whereof this Deed
has been entered into the day and year first before written.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

         

      

      Schedule
1

       

      “

       

      
        	
                7.7

              	
                Following the
      Unconditional Date each Investor shall, save to the extent that there is
      sufficient cash in or assets (which can be immediately realised) of the
      Retained Business in order to meet such Liabilities, severally indemnify
      each member of the Retained Group (whilst such member remains part of the
      Retained Group and the Wider RBS Group) and each of the other Investors
      and members of their respective Groups - being for this purpose, in the
      case of RBS, the Wider RBS Group - (including, for this purpose, with
      effect from the Unconditional Date, their Acquired Companies whilst such
      Acquired Companies are members of the ABN AMRO Group or the relevant
      Investor’s Group) in their Consortium Proportions against all Liabilities
      whensoever incurred, including, without limitation, Liabilities
      incurred:

              

      

       

      
        	
                 
      

              	
                7.7.1

              	
                prior to the
      Unconditional Date and remaining outstanding at the Unconditional
      Date;

              

      

       

      
        	
                 
      

              	
                7.7.2

              	
                after the
      Unconditional Date; or

              

      

       

      
        	
                 
      

              	
                7.7.3

              	
                otherwise,

              

      

       

      to the extent that
the same relate to the Retained Business.

       

      For the avoidance
of doubt, the terms of this paragraph 7.7 of Schedule 3 – Part 1 shall not
prevent any member of the Retained Group (whilst such member remains part of the
Retained Group and the Wider RBS Group), an Investor or any member of its Group
- being, for this purpose, in the case of RBS, the Wider RBS Group - from making
a claim under this paragraph 7.7 of Schedule 3 – Part 1 in circumstances where
it has disposed of a member of the Retained Group or part of the Retained
Business or an Acquired Company or any Acquired Business Assets to a third party
and suffers a Liability under the terms of that disposal to the extent that the
same relates to the Retained Business.”

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      Schedule
2

       

      “20.11    
Third Party Rights

      
      

       

      
        	 	
                20.11.1

              	
                The
      obligations of each Investor under the terms of this Agreement expressed
      to be owed to any member of the Retained Group may be enforced by each
      relevant member of the Retained Group whilst such member remains part of
      the Retained Group from time to time.

              
	 	 	 
	
                 
      

              	
                20.11.2

              	
                Obligations
      of the Company under the terms of this Agreement and expressed to be owed
      to an Investor may be enforced by that Investor and members of its Group
      (including, with effect from the Unconditional Date, its Acquired
      Companies whilst such Acquired Companies remain part of the ABN AMRO Group
      or the relevant Investor’s Group and, in the case of RBS, the Wider RBS
      Group).

              

      

       

      
        	
                 
      

              	
                20.11.3

              	
                The
      obligations of each Investor expressed to be owed to another Investor or
      members of its Group may be enforced by the relevant Investor or by
      members of its Group (including, with effect from the Unconditional Date,
      its Acquired Companies whilst such Acquired Companies remain part of the
      ABN AMRO Group or the relevant Investor’s Group and, in the case of RBS,
      the Wider RBS Group).

              

      

       

      
        	
                 
      

              	
                20.11.4

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

              

      

       

      
        	
                 
      

              	
                20.11.5

              	
                Where,
      pursuant to the terms of this Agreement, a third party has been expressly
      granted rights under the Contracts (Rights of Third Parties) Act 1999, the
      consent of such third party shall not be required for the variation of
      this Agreement or the waiver of any provision in
  it.

              

      

       

      
        	
                 
      

              	
                20.11.6

              	
                Enforcement
      of third party rights in relation to this Agreement shall be in accordance
      with the provisions of Clause
22.2.”

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      Schedule
3

       

      
        	
                “3

              	
                The Company
      shall and, after the transfer to the State of the Fortis Acquired
      Business, the State shall procure that non-exclusive, royalty-free
      licences are granted to each other Investor and its Acquired Companies and
      to the Retained Group to use the ABN AMRO Trade Marks for a period of 24
      months after the Unconditional Date and shall, subsequent to that date,
      consider - and not unreasonably withhold its consent to - any reasonable
      request by another Investor or an Acquired Company or the Retained
      Business for a new licence of the ABN AMRO Trade Marks, on the terms set
      out in this paragraph 3, for so long as is reasonably required by that
      Investor, Acquired Company or the Retained Business provided that the
      request shall be in the context of implementation of the Restructuring or
      any subsequent integration and on the further condition that the ABN AMRO
      Trade Marks shall not be used for a commercial purpose beyond that stated
      in Clause 5.1.2 (ii) of this Agreement, and provided that such use of the
      ABN AMRO Trade Marks will cease if and when it restricts the conduct of
      the business under such trade marks by the Fortis Acquired Business or
      FBNH.”

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      Schedule
4

       

      
        	
                “4

              	
                Any of the
      parties may at any time up to three years after the Unconditional Date
      give written notice that it wishes to have a licence (that unless
      otherwise specified shall be non-exclusive, royalty-free, world-wide and
      perpetual) to use a particular item of Intellectual Property (other than
      an ABN AMRO Trade Mark to which paragraph 3 above shall apply) in its
      business on a continuing basis notwithstanding that it may be owned or
      accounted for by another Acquired Business or the Retained Business. The
      parties shall then use their best endeavours to agree within the next 90
      days following such notice the licensing (as between the RBS, Santander
      and Fortis Acquired Businesses and the Retained Business) of that item of
      Intellectual Property, with the intention that each of the RBS, Santander
      and Fortis Acquired Businesses and the Retained Business as currently
      operated by the ABN AMRO Group shall continue to operate without hindrance
      and for no additional consideration.  At a time more than three
      years after the Unconditional Date, a party may make a written request for
      a licence to use a particular item of Intellectual Property (other than an
      ABN AMRO Trade Mark to which paragraph 3 above shall apply) in the terms
      of this paragraph 4 and the parties agree that within 90 days following
      such notice that they shall negotiate in good faith any such request -
      with consent not being unreasonably withheld - so that each of the RBS,
      Santander and Fortis Acquired Businesses and the Retained Business as
      currently operated by the ABN AMRO Group shall continue to operate without
      hindrance and for no additional
consideration.”

              

      

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        	
                Executed as a
      deed by THE ROYAL BANK OF SCOTLAND GROUP PLC acting by its duly authorised
      signatory in the presence of:

              	 	
                )

                )

                )

                )

                )

              	
                 

                .................................................

                (Signature)

                 

                .................................................

                Name (block
      capitals)

              	 
	
                Witness’s
      signature:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Name
      (print):

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Occupation:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Address:

              	 	 
      	
                 

              	 

      

       

       

      
        	
                Executed as a
      deed by BANCO SANTANDER S.A. acting by its duly authorised signatory in
      the presence of:

              	 	
                )

                )

                )

                )

                )

              	
                 

                .................................................

                (Signature)

                 

                .................................................

                Name (block
      capitals)

              	 
	
                Witness’s
      signature:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Name
      (print):

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Occupation:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Address:

              	 	 
      	
                 

              	 

      

       

       

      
        	
                Executed as a
      deed by FORTIS BANK NEDERLAND (HOLDING) N.V. acting by its duly authorised
      signatory in the presence of:

              	 	
                )

                )

                )

                )

                )

              	
                 

                .................................................

                (Signature)

                 

                .................................................

                Name (block
      capitals)

              	 
	 	 	 	 	 
	
                Witness’s
      signature:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Name
      (print):

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Occupation:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Address:

              	 	 
      	
                 

              	 

      

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	
                Executed as a
      deed by THE STATE OF THE NETHERLANDS acting by its duly authorised
      signatory in the presence of:

              	 	
                )

                )

                )

                )

                )

              	
                 

                .................................................

                (Signature)

                 

                .................................................

                Name (block
      capitals)

              	 
	 	 	 	 	 
	
                Witness’s
      signature:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Name
      (print):

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Occupation:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Address:

              	 	 
      	
                 

              	 

      

      

       

      

       

      
        	
                Executed as a
      deed by RFS HOLDINGS B.V. acting by its duly authorised signatory in the
      presence of:

              	 	
                )

                )

                )

                )

                )

              	
                 

                .................................................

                (Signature)

                 

                .................................................

                Name (block
      capitals)

              	 
	 	 	 	 	 
	
                Witness’s
      signature:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Name
      (print):

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Occupation:

              	 	 
      	
                 

              	 
	 	 	 	 	 
	
                Address:

              	 	 
      	
                 

              	 

      

      

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      

      APPENDIXEXHIBIT
4.12

       

       

      EXECUTION
VERSION

       

       

      22
April 2008

       

       

       

      THE
ROYAL BANK OF SCOTLAND GROUP PLC

       

      GOLDMAN
SACHS INTERNATIONAL

       

      MERRILL
LYNCH INTERNATIONAL

       

      UBS
LIMITED

       

      THE
ROYAL BANK OF SCOTLAND PLC

       

      
        

         

          
            

          

        

        

      

      RIGHTS
ISSUE UNDERWRITING

      AGREEMENT

      
        
          

        

        

      

      

      

       

      [Logo]
FRESHFIELDS BRUCKHAUS
DERINGER

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXECUTION
VERSION

       

      CONTENTS

       

       

      
        
          	
                  CLAUSE

                	
                  PAGE

                
	 	 	 
	
                  1.

                	
                  DEFINITIONS

                	
                  2

                
	 	 	 
	
                  2.

                	
                  CONDITIONS

                	
                  11

                
	 	 	 
	
                  3.

                	
                  APPLICATION
      FOR LISTING, ADMISSION TO TRADING AND

                	 
      
	 	 	 
	 
      	
                  TO
      CREST

                	
                  14

                
	 	 	 
	
                  4.

                	
                  APPROVAL,
      RELEASE AND DELIVERY OF DOCUMENTS

                	
                  15

                
	 	 	 
	
                  5.

                	
                  APPOINTMENTS

                	
                  17

                
	 	 	 
	
                  6.

                	
                  ALLOTMENT

                	
                  19

                
	 	 	 
	
                  7.

                	
                  SALE
      OF FRACTIONAL ENTITLEMENTS

                	
                  20

                
	 	 	 
	
                  8.

                	
                  NEW
      SHARES NOT TAKEN UP

                	
                  21

                
	 	 	 
	
                  9.

                	
                  UNDERWRITING

                	
                  23

                
	 	 	 
	
                  10.

                	
                  COMMISSIONS
      AND EXPENSES

                	
                  26

                
	 	 	 
	
                  11.

                	
                  RESTRICTIONS
      ON ACTIONS AND ANNOUNCEMENTS

                	
                  28

                
	 	 	 
	
                  12.

                	
                  REPRESENTATIONS,
      WARRANTIES AND UNDERTAKINGS

                	
                  30

                
	 	 	 
	
                  13.

                	
                  EXCLUSIONS
      OF LIABILITY

                	
                  31

                
	 	 	 
	
                  14.

                	
                  INDEMNITIES

                	
                  32

                
	 	 	 
	
                  15.

                	
                  CONTRIBUTION

                	
                  36

                
	 	 	 
	
                  16.

                	
                  TERMINATION

                	
                  37

                
	 	 	 
	
                  17.

                	
                  WITHHOLDING
      AND GROSSING UP

                	
                  40

                
	 	 	 
	
                  18.

                	
                  MISCELLANEOUS

                	
                  40

                
	 	 	 
	
                  19.

                	
                  RECEIVING
      AGENT

                	
                  42

                
	 	 	 
	
                  20.

                	
                  TIME
      OF THE ESSENCE

                	
                  42

                
	 	 	 
	
                  21.

                	
                  WAIVER

                	
                  42

                
	 	 	 
	
                  22.

                	
                  THIRD
      PARTY RIGHTS

                	
                  42

                
	 	 	 
	
                  23.

                	
                  SEVERABILITY

                	
                  43

                
	 	 	 
	
                  24.

                	
                  NOTICES

                	
                  43

                
	 	 	 
	
                  25.

                	
                  FURTHER
      ASSURANCES

                	
                  44

                
	 	 	 
	
                  26.

                	
                  ASSIGNMENT

                	
                  44

                
	 	 	 
	
                  27.

                	
                  ENTIRE
      AGREEMENT

                	
                  44

                
	 	 	 
	
                  28.

                	
                  COUNTERPARTS

                	
                  44

                
	 	 	 
	
                  29.

                	
                  GOVERNING
      LAW

                	
                  44

                

        

         

        
          	
                  SCHEDULE
      1 NEW SHARES TAKEN UP

                	
                  47

                

        

         

         

        
          
            
            

          

          
            I

            
              

            

          

          
            
            

          

        

         

         

        
          EXECUTION
VERSION

           

           

        

        
          	
                  SCHEDULE
      2 DELIVERY OF DOCUMENTS

                	
                  51

                
	 	 
	
                  PART
      A

                	
                  51

                
	 	 
	
                  PART
      B

                	
                  51

                
	 	 
	
                  PART
      C

                	
                  54

                
	 	 
	
                  PART
      D

                	
                  54

                
	 	 
	
                  SCHEDULE
      3 REPRESENTATIONS, WARRANTIES AND

                	 
      
	 	 
	
                  UNDERTAKINGS

                	
                  56

                
	 	 
	
                  SCHEDULE
      4 LETTER OF CONFIRMATION

                	
                  73

                
	 	 
	
                  SCHEDULE
      5 SELLING RESTRICTIONS

                	
                  75

                
	 	 
	
                  SCHEDULE
      6 THE UNDERWRITERS

                	
                  77

                
	 	 
	
                  SCHEDULE
      7

                	
                  78

                

        

      

       

      
        
          
          

        

        
          II

          
            

          

        

        
          
          

        

      

    

     

     

    
      THIS AGREEMENT is made on 22
April 2008

       

      Between:

       

      
        	
                (1)

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

              

      

       

      
        	
                (2)

              	
                GOLDMAN SACHS
      INTERNATIONAL, whose registered office is at Peterborough Court,
      133 Fleet Street, London EC4A 2BB (GSI);
      and

              

      

       

      
        	
                (3)

              	
                MERRILL LYNCH
      INTERNATIONAL, whose registered office is at 2 King Edward Street,
      London EC1A lHQ (Merrill
      Lynch and together with GSI, the Joint
      Sponsors);

              

      

       

      
        	
                (4)

              	
                UBS LIMITED, whose
      registered office is at 1 Finsbury Avenue, London EC2M 2PP (UBS
      or the Co-Bookrunner);

              

      

       

      
        	
                (5)

              	
                THE ROYAL BANK OF SCOTLAND
      PLC, whose registered office is at 36 Andrew Square, Edinburgh EH2
      2YB (RBS,
      and together with GSI and Merrill Lynch, the Joint
      Bookrunners).

              

      

       

      Whereas:

       

      (A)           The
Company proposes, subject, inter alia, to the passing of the Resolution, to
offer the New Shares by way of rights at the Subscription Price on the terms and
subject to the conditions to be set out in the Prospectus and to be set out in
the Provisional Allotment Letter.

       

      (B)           Upon
the Resolution becoming effective, the Company will have sufficient authorised
but unissued share capital and the Directors will have authority under section
80 of the Companies Act to allot the New Shares and for such allotment to be
made as if section 89 of the Companies Act did not apply thereto.

       

      (C)           GSI,
Merrill Lynch and UBS have agreed, on a several basis, on the terms and subject
to the conditions referred to in this Agreement, to underwrite the Rights Issue
in the Proportionate Shares and may (but are not obliged to) seek
sub-underwriters on the basis of the Draft Prospectus. In addition, the Company
may appoint one or more additional Underwriters as co-managers on the terms and
subject to the conditions referred to in this Agreement and Offer Letters from
such additional Underwriters.

       

      (D)           GSI
and Merrill Lynch have agreed to act as Joint Sponsors for the purpose of the
Prospectus to be issued in connection with the Rights Issue (save that GSI has
not acted, and is not acting, as sponsor in relation to the information
comprising the 28 Day Information contained in the Prospectus or any transaction
related to such information).

       

      (E)           The
Company will apply for admission of the New Shares to the Official List and for
admission of the New Shares to trading on the London Stock
Exchange’s

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      market
for listed securities and to the regulated market of NYSE Euronext
Amsterdam.

       

      Now it is
agreed as follows:

       

      1.           Definitions

       

      1.1           In
this Agreement:

       

      28 Day
Information means the information to be contained in the Prospectus
comprising the ABN Amro Accounts incorporated by reference into the Prospectus,
the statement to be made by the Company pursuant to Listing Rule 13.5.28, the
working capital statement to be made by the Company in respect of the Group and
the no significant change statement to be made by the Company in respect of ABN
Amro;

       

      Acceptance
Date means the last date for acceptance and payment under the terms of
the Rights Issue as will be set out in the Prospectus or such later date as the
Company and the Joint Sponsors may agree in writing;

       

      Accounts
means the audited consolidated accounts of the Group for the three years ended
31 December 2005, 2006 and 2007 (including, without limitation, the related
directors’ and auditors’ reports, the consolidated profit and loss account, the
balance sheets, the consolidated cashflow statement, the consolidated statement
of total recognised gains and losses, the reconciliation of movements in
shareholders’ funds and all related notes);

       

      Accounts
Date means 31 December 2007;

       

      Admission
means the admission of the New Shares (nil paid and fully paid) to the Official
List becoming effective in accordance with the Listing Rules and the admission
of such shares (nil paid and fully paid) to trading on the London Stock
Exchange’s market for listed securities becoming effective in accordance with
the Admission and Disclosure Standards and the admission of the New Shares (nil
paid and fully paid) to listing and trading on the regulated market of NYSE
Euronext Amsterdam becoming effective in accordance with the NYSE Euronext Rule
Books;

       

      Admission and
Disclosure Standards means the current Admission and Disclosure Standards
published by the London Stock Exchange;

       

      Adverse
Interest means any option, lien, mortgage, charge, equity, trust, any
other right or interest of any third party and any other encumbrance of any
kind;

       

      affiliate
has the meaning given in Rule 501(b) of Regulation D or Rule 405 under the
Securities Act, as applicable;

       

      ABN Amro
means ABN Amro Holding N.V.;

       

      ABN Amro
Accounts means the audited consolidated accounts of ABN Amro and its
subsidiary undertakings for the three years ended 31 December 2005, 2006 and
2007 (including, without limitation, the related directors’ and auditors’
reports, the

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      consolidated
profit and loss account, the balance sheets, the consolidated cashflow
statement, the consolidated statement of total recognised gains and losses, the
reconciliation of movements in shareholders’ funds and all related
notes);

       

      associate
has the meaning ascribed to it by section 52 of the Companies Act
1989;

       

      Auditors
means Deloitte & Touche LLP;

       

      Board
means the board of directors of the Company or a duly constituted and authorised
committee thereof;

       

      Business
IP means the registered (including applications for registration) and
material unregistered Intellectual Property Rights owned by a Group
company;

       

      Capital Resources
Requirement has the meaning given in the FSA Rules;

       

      Circular
means the shareholder circular to be published in cormection with the Rights
Issue, including the notice convening the EGM;

       

      Claims
means any and all claims, actions, liabilities, demands, proceedings,
investigations, judgements or awards whatsoever (and in each case whether or not
successful, compromised or settled and whether joint or several) threatened,
asserted, established or instituted against any Indemnified Person and Claim
shall be construed accordingly;

       

      Companies
Act means the Companies Act 1985 or the Companies Act 2006 as the context
requires;

       

      Company’s
Counsel means Linklaters LLP;

       

      CREST
means the relevant system (as defined in the Regulations) in respect of which
Euroclear is the Operator (as defined in the Regulations);

       

      Dealing
Day means a day on which dealings in domestic equity market securities
may take place on the London Stock Exchange and NYSE Euronext
Amsterdam;

       

      Directors
means the persons named in the Prospectus as directors of the
Company;

       

      Disclosure Rules
and Transparency Rules means the Disclosure Rules and Transparency Rules
of the FSA made under section 73A of FSMA;

       

      Draft
Prospectus means the draft of the Prospectus dated 21 April 2008 in the
form attached to this Agreement;

       

      EGM means
the extraordinary general meeting of the Company to be convened for the EGM Date
at which, inter alia, the Resolution will be proposed;

       

      EGM Date
means the date for which the EGM is convened as will be set out in the Circular,
not being later than 16 May 2008;

       

      Euroclear
means Euroclear UK & Ireland Limited;

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      Exchange
Act means the US Securities Exchange Act of 1934, as
amended;

       

      Excluded
Territories Shareholders means Ordinary Shareholders with registered
addresses in the Republic of South Africa, the Commonwealth of Australia, its
territories and possessions or the United States (other than to persons the
Company reasonably believes to be QIBs and/or Accredited Investors who are
employees of the Company and who have returned a validly executed Investor
Letter in accordance with the Letter to QIBs or the Letter to Accredited
Investors as applicable) on the Posting Date, the Record Date or such later
date, as the context requires;

       

      Financial
Models means the budget estimates of the Group for 2008, 2009 and 2010,
the consolidated management accounts and the consolidated balance sheet of the
Company at 31 March 2008 and the quarterly capital projections of the Group
until 2010 (with ABN Amro consolidated and proportionately consolidated)
prepared by the Company and provided to the Joint Sponsors and UBS in connection
with the Rights Issue;

       

      FCPA has
the meaning given to it in Schedule 3, paragraph 22.8;

       

      Form of
Proxy means the form of proxy in the form to be agreed to be sent to
Ordinary Shareholders for use in connection with the EGM;

       

      FSA means
the Financial Services Authority;

       

      FSA Rules
means the FSA Handbook of Rules and Guidance as amended from time to
time;

       

      FSMA means
the Financial Services and Markets Act 2000, as amended;

       

      Fully Paid
Rights means fully paid rights to acquire New Shares;

       

      Group
means the Company and its subsidiary undertakings as at the date
hereof;

       

      Group company means any
company that is a member of the Group;

       

      GSI Indemnified
Persons means

       

      
        	
                (a)

              	
                GSI
      and any subsidiary, branch or affiliate of
GSI;

              

      

       

      
        	
                (b)

              	
                a
      person who is, on or at any time after the date of this Agreement, a
      director, officer, partner or employee of an undertaking specified in
      sub-paragraph (a) above; and

              

      

       

      
        	
                (c)

              	
                GSI,
      their selling agents and each person, if any, who controls GSI within the
      meaning of Section 15 of the Securities Act or Section 20 of the Exchange
      Act and GSI’s respective affiliates, subsidiaries, branches, associates
      and holding companies and the subsidiaries of such subsidiaries, branches,
      affiliates, associates and holding companies and each of such person’s
      respective directors, officers and
employees,

              

      

       

      
        	
                 
      

              	
                and
      GSI
      Indemnified Person shall be construed
  accordingly.

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      IFRS means
International Financial Reporting Standards as adopted by the European
Union;

       

      Indemnified
Person means any and each GSI Indemnified Person, any and each Merrill
Lynch Indemnified Person, any and each UBS Indemnified Person and any and each
Other Underwriter Indemnified Person;

       

      Intellectual
Property Rights means patents, trade marks, service marks, logos, get-up,
trade names, rights in designs, copyright (including rights in computer
software), internet domain names, moral rights, utility models, rights in
know-how, rights in databases and other intellectual property rights, in each
case whether registered or unregistered and including applications for the grant
of any such rights and all rights or forms of protection having equivalent or
similar effect anywhere in the world;

       

      Interim
Management Statement means the Interim Management Statement relating to
the Group for the three months to 31 March 2008 dated 22 April 2008 and which
forms part of the Press Announcement;

       

      Investor
Letter means the letters in the forms to be agreed to be executed by all
subscribers for Nil Paid Rights or New Shares in the United States;

       

      Joint
Bookrunners means GSI, Merrill Lynch and RBS and Joint
Bookrunner shall mean any one of them;

       

      Joint
Sponsors means GSI and Merrill Lynch and Joint
Sponsor shall mean any one of them;

       

      Letter to
Accredited Investors means the cover letter in the form to be agreed,
provided to certain employee shareholders of the Company or its subsidiaries in
the United States in connection with the Rights Issue;

       

      Letter to
QIBs means the cover letter, in the form to be agreed, provided to
certain shareholders who are QIBs in the United States in connection with the
Rights Issue;

       

      Limitation
has the meaning given in Clause 14.7;

       

      Listing
Rules means the Listing Rules of the FSA made under section 73A of the
FSMA;

       

      Losses
means any and all loss, damage, cost, liability, demand, charge or expense
(including legal fees), in each case whether joint or several, which any
Indemnified Person may suffer or incur (including, but not limited to all Losses
suffered or incurred in investigating, preparing for or disputing or defending
or settling any Claim and/or in establishing its right to be indemnified
pursuant to Clause 14 and/or in seeking advice regarding any Claim or in any way
related to in connection with the indemnity contained in Clause 14) and Loss shall
be construed accordingly;

       

      London Stock
Exchange means London Stock Exchange plc;

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

      Material Adverse
Effect means a material adverse change in, or any development reasonably
likely to result in a material adverse change in or effect on, the condition
(financial, operational, legal or otherwise) or in the earnings, business
affairs, business prospects or financial prospects of any of (i) the Company, or
(ii) the Group taken as a whole, whether or not arising in the ordinary course
of business;

       

      Material
Subsidiaries means The Royal Bank of Scotland plc, National Westminster
Bank pic, Ulster Bank Limited, Citizens Financial Group, Inc., Greenwich Capital
Markets, Inc., RBS Insurance Group Limited and ABN Amro Bank N.V.;

       

      Merrill Lynch
Indemnified Persons means:

       

      
        	
                (a)

              	
                Merrill
      Lynch and any subsidiary, branch or affiliate of Merrill
      Lynch;

              

      

       

      
        	
                (b)

              	
                a
      person who is, on or at any time after the date of this Agreement, a
      director, officer, partner or employee of an undertaking specified in
      sub-paragraph (a) above; and

              

      

       

      
        	
                (c)

              	
                Merrill
      Lynch, their selling agents and each person, if any, who controls Merrill
      Lynch within the meaning of Section 15 of the Securities Act or Section 20
      of the Exchange Act and Merrill Lynch’s respective affiliates,
      subsidiaries, branches, associates and holding companies and the
      subsidiaries of such subsidiaries, branches, affiliates, associates and
      holding companies and each of such person’s respective directors, officers
      and employees,

              

      

       

      and Merrill Lynch
Indemnified Person shall be construed accordingly;

       

      Money Laundering
Laws has the meaning given to it in Schedule 3, paragraph
22.6;

       

      New Shares
means the 6,123,010,462 new Ordinary Shares which are to be allotted pursuant to
the Rights Issue;

       

      NFSA means
the Netherlands Financial Supervision Act (Wet op het financieel
toezicht);

       

      Nil Paid
Rights means the New Shares in nil paid form provisionally allotted to
Qualifying Shareholders in connection with the Rights Issue;

       

      Offer
Letter means an offer letter in the form set out in Schedule
7;

       

      Official
List means the Official List of the UK Listing Authority;

       

      OECD
Convention has the meaning given to it in Schedule 3, paragraph
22.8;

       

      OFAC has
the meaning given to it in Schedule 3, paragraph 22.7;

       

      Ordinary
Shareholders means holders of Ordinary Shares;

       

      Ordinary
Shares means ordinary shares of 25p each in the capital of the
Company;

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      Other Underwriter
Indemnified Person means, in respect of each Underwriter other than GSI,
Merrill Lynch and UBS:

       

      
        	
                (a)

              	
                that
      Underwriter and any subsidiary, branch or affiliate of that
      Underwriter;

              

      

       

      
        	
                (b)

              	
                a
      person who is, on or at any time after the date of this Agreement, a
      director, officer, partner or employee of an undertaking specified in
      sub-paragraph (a) above; and

              

      

       

      
        	
                (c)

              	
                that
      Underwriter, their selling agents and each person, if any, who controls
      that Underwriter within the meaning of Section 15 of the Securities Act or
      Section 20 of the Exchange Act and that Underwriter’s respective
      affiliates, subsidiaries, branches, associates and holding companies and
      the subsidiaries of such subsidiaries, branches, affiliates, associates
      and holding companies and each of such person’s respective directors,
      officers and employees,

              

      

       

      and Other Underwriter
Indemnified Person shall be construed accordingly;

       

      Overall Financial
Resources Rule has the meaning given in the FSA Rules;

       

      Participating
Security has the meaning given to it in the Regulations;

       

      payee has
the meaning given in Clause 17;

       

      Posting
Date means the date on which the Company publishes the
Prospectus;

       

      Presentation
Materials means any written materials to be used by the Company in
presentations to institutional investors in connection with the Rights
Issue;

       

      Press
Announcement means the press announcement dated 22 April 2008 giving
details of, inter alia, the Rights Issue and containing the Interim Management
Statement;

       

      Previous
Announcements means all documents issued and announcements (other than
the Press Announcement and the Prospectus Press Announcement) made by or on
behalf of the Company or any member of the Group to the public or the press
since the Accounts Date and before the date of this Agreement;

       

      Proportionate
Share means, in relation to each Underwriter, the percentage set against
its name in column 3 of Schedule 6, or such other percentage as is notified by
the Joint Sponsors to the other Underwriters from time to time pursuant to
Clause 5.14;

       

      Prospectus
means the prospectus (constituting a prospectus for the purposes of the FSMA,
the Listing Rules and the Prospectus Rules) and also including the 28 Day
Information, to be published in connection with the Rights Issue and to be
passported into the Netherlands;

       

      Prospectus Press
Announcement means the press announcement to be dated the date of the
Prospectus giving further details of, inter alia, the Rights Issue;

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      Prospectus
Rules means the Prospectus Rules of the FSA made under s73A of the
FSMA;

       

      Provisional
Allotment Letter means the form of renounceable provisional allotment
letter, in the form to be agreed, to be issued or made available by the Company,
subject to Clause 4.9, to Qualifying Non-CREST Holders in connection with the
Rights Issue;

       

      Qualifying CREST
Holders means Qualifying Shareholders who hold Ordinary Shares in
uncertificated form;

       

      Qualifying
Non-CREST Holders means Qualifying Shareholders who hold Ordinary Shares
in certificated form;

       

      Qualifying
Shareholders means Ordinary Shareholders on the register of members of
the Company as at the close of business on the Record Date;

       

      Receiving
Agent or Registrar
means Computershare Investor Services PLC;

       

      Record
Date means close of business on the record date for the Rights Issue
which will be set out in the Prospectus;

       

      Regulations
means the Uncertificated Securities Regulations 2001 (SI
2001/3755);

       

      Regulatory
Information Service means any of the services set out in Schedule 12 to
the Listing Rules;

       

      Relevant
Documents means the Circular, the Prospectus, the Provisional Allotment
Letters, any explanatory documents which may accompany the Prospectus and/or
Provisional Allotment Letters and/or Circular, the Form of Proxy, the Letter to
QIBs, the Letter to Accredited Investors, the Investor Letter, the Presentation
Materials, the Interim Management Statement, the Press Announcement, the
Prospectus Press Announcement and any other press announcement issued in
connection with the Rights Issue or the offering of the New Shares;

       

      Resolution
means the resolution(s) to be set out in the notice of EGM to be contained in
the Circular, inter alia, to increase the authorised share capital of the
Company, to authorise the Directors to allot relevant securities of the Company
so as to enable the Rights Issue to be implemented and to allot such securities
as if section 89 of the Companies Act did not apply, provided that, if the Joint
Sponsors consider that the same cannot be done save by way of special
resolution, the Company shall consent to such changes being made to this
Agreement as may, in the opinion of the Joint Sponsors, be necessary to reflect
any changes required to be made to the terms of the Rights Issue so as to comply
with the pre-emptive procedures required in the Companies Act;

       

      Rights
Issue means the offer of New Shares on the basis set out in Recital
(A);

       

      Securities
Act means the US Securities Act of 1933, as amended, and the rules
promulgated thereunder;

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

       

      Selling
Restrictions means the selling restrictions set out in Schedule
5;

       

      Subscription
Price means 200 pence per New Share;

       

      Supplementary
Prospectus means any supplementary prospectus published by the Company
pursuant to section 87G of the FSMA;

       

      taken up
has the meaning given in Schedule 1;

       

      tax or
taxes
means all taxes, levies, imposts, duties, charges or withholdings of any nature
whatsoever, together with all penalties, charges and interest relating to any of
the foregoing and regardless of whether the person concerned is primarily liable
or not, including (without limitation) corporation tax, advance corporation tax,
income tax, capital gains tax, VAT, duties of customs and excise, national
insurance contributions, capital duty, stamp duty, stamp duty reserve tax, stamp
duty land tax and any other transfer tax or duty, all taxes, duties or charges
replaced by or replacing any of them, and all other taxes on gross or net
income, profits or gains, distributions, receipts, importations, sales, use,
occupation, franchise, value added, and personal property imposed by a tax
authority of any jurisdiction;

       

      UBS Indemnified
Persons means:

       

      
        	
                (a)

              	
                UBS
      and any subsidiary, branch or affiliate of
UBS;

              

      

       

      
        	
                (b)

              	
                a
      person who is, on or at any time after the date of this Agreement, a
      director, officer, partner or employee of an undertaking specified in
      sub-paragraph (a) above; and

              

      

       

      
        	
                (c)

              	
                UBS,
      their selling agents and each person, if any, who controls UBS within the
      meaning of Section 15 of the Securities Act or Section 20 of the Exchange
      Act and UBS’s respective affiliates, subsidiaries, branches, associates
      and holding companies and the subsidiaries of such subsidiaries, branches,
      affiliates, associates and holding companies and each of such person’s
      respective directors, officers and
employees,

              

      

       

      and UBS Indemnified
Person shall be construed accordingly.

       

      UK Listing
Authority means the Financial Services Authority acting in its capacity
as the competent authority for the purposes of Part VI of the FSMA and in the
exercise of its functions in respect of the admission of securities to the
Official List otherwise than in accordance with Part VI of the
FSMA;

       

      Underwriters
means the persons set out in Schedule 6 and any additional Underwriters
appointed pursuant to Clause 5.13, and Underwriter
shall mean anyone of them;

       

      Underwriters’
Counsel means Freshfields Bruckhaus Deringer;

       

      United
Kingdom means Great Britain and Northern Ireland;

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

      United
States means the United States of America, its possessions, any state of
the United States of America and the District of Columbia;

       

      VAT means
value added tax or similar sales or turnover tax or levy imposed in any
jurisdiction;

       

      Verification
Materials means the materials in the agreed form or form to be agreed, as
the case may be, confirming the accuracy of certain information contained in the
Relevant Documents as referred in Schedule 2;

       

      Working Capital
Report means the cash flow and working capital report prepared by the
Auditors in the form to be agreed relating to the Group for the period to 31
December 2009, to be dated the date of the Prospectus, and supporting the
working capital statements contained in the Prospectus; and

       

      Working Capital
Letter means the letter from the Auditors to the Company and the
Underwriters in the form to be agreed confirming the adequacy of the Company’s
working capital to be dated the date of the Prospectus.

       

      1.2           In
this Agreement unless the context otherwise requires:

       

      
        	
                (a)

              	
                a
      reference to certificated
      or certificated
      form in relation to a share or other security is a reference to a
      share or other security title to which is recorded on the relevant
      register of the share or other security as being held in certificated
      form;

              

      

       

      
        	
                (b)

              	
                a
      reference to uncertificated
      or uncertificated
      form
      in relation to a share or other security is a reference to a share or
      other security title to which is recorded on the relevant register of the
      share or other security as being held in uncertificated form, and title to
      which, by virtue of the Regulations, may be transferred by means of
      CREST;

              

      

       

      
        	
                (c)

              	
                words
      and expressions defined in the Companies Act shall bear the same
      meaning;

              

      

       

      
        	
                (d)

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

              

      

       

      
        	
                (e)

              	
                any
      reference to an enactment is a reference to it as from time to time
      amended, consolidated or re-enacted (with or without modification) and
      includes all instruments or orders made under the
    enactment;

              

      

       

      
        	
                (f)

              	
                references
      in this Agreement to any document expressed to be in the agreed
      form or to be
      agreed means a document in the form initialled, for the purpose of
      identification only, by Company’s Counsel and Underwriters’ Counsel or (in
      the case of documents to be agreed) in such form as may be initialled for
      the purpose of identification only, in due course with the agreement of
      the Company and the Joint Sponsors, in each case subject to any changes
      which the Company and the Joint Sponsors may agree (without prejudice to
      the right of a Joint Sponsor to terminate this Agreement in accordance
      with the

              

      

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

       

      provisions
of Clause 16.1 (g), such agreement not to be unreasonably withheld in the case
of all documents except the Working Capital Report (in respect of which the
Banks shall act in good faith in considering whether to agree to its form)); no
such initialling shall imply approval of all or any part of its contents by or
on behalf of the person initialling it or any of the parties to this
Agreement;

       

      
        	
                (g)

              	
                any
      reference to recitals, clauses and schedules are to recitals, clauses and
      schedules to this Agreement, and references to paragraphs are to
      paragraphs in the schedule in which such references appear, and the
      schedules to this Agreement form part of the
  Agreement;

              

      

       

      
        	
                (h)

              	
                each
      reference in this Agreement to the Joint Sponsors or either of them, or
      any of the Underwriters by any description or in any capacity includes a
      reference to it in each other capacity in which it may act pursuant to
      this Agreement or otherwise with the agreement of the Company in
      connection with the Rights Issue;

              

      

       

      
        	
                (i)

              	
                any
      reference to the Underwriters and/or the Joint Sponsors approving or
      agreeing the form of a Relevant Document, shall be a reference to such
      approval or agreement being given solely for the purposes of this
      Agreement.

              

      

       

      1.3           Unless
otherwise stated, references to time are references to London time.

       

      1.4           The
expressions holding company,
subsidiary undertaking and subsidiary
shall have the meaning in this Agreement as in the Companies Act.

       

      2.           Conditions

       

      2.1           The
Underwriters’ and the Joint Sponsors’ obligations under this Agreement (save for
the obligations under Clauses 3.6 and 4.7 and any other obligations which fall
due for performance before Admission) are conditional on:

       

      
        	
                (a)

              	
                publication
      of the Press Announcement through a Regulatory Information Service by no
      later than 7.30 a.m. on the date of this
  Agreement;

              

      

       

      
        	
                (b)

              	
                approval
      of the Prospectus as a prospectus by the UK Listing Authority and the
      Prospectus being filed with the FSA in accordance with the Prospectus
      Rules and FSMA and made available to the public by no later than 1.00 p.m.
      and passported into the Netherlands in accordance with the NFSA by no
      later than 5.00 p.m. on the date of the Prospectus Press Announcement (or
      such later time and/or date as the Joint Sponsors may agree in
      writing);

              

      

       

      
        	
                (c)

              	
                the
      passing of the Resolution (without amendment) at the EGM on the EGM Date
      (and not, except with the written agreement of the Joint Sponsors (not to
      be unreasonably withheld), at any adjournment of such
      meeting);

              

      

       

      
        	
                (d)

              	
                the
      representations and warranties on the part of the Company contained in
      this Agreement being true and accurate in all respects and not misleading
      in any respect on and as of the date of this Agreement, the date of
      publication of

              

      

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

       

      the
Prospectus and at Admission as if they had been given and made on such date by
reference to the facts and circumstances then existing, the Company being in
compliance with its undertakings at all times prior to the time of Admission and
no matter having arisen prior to the time of Admission which might reasonably be
expected to give rise to a claim under Clause 14, save to an extent which, in
any of the foregoing cases, the Joint Sponsors do not consider, in their sole
judgement, acting in good faith, to be (singly or in the aggregate) (i) material
in the context of the Rights Issue or the underwriting of the New Shares or
Admission or post-Admission dealings in the Ordinary Shares and/or (ii) such as
to make it impracticable or inadvisable to proceed with Admission, the Rights
Issue or the underwriting of the New Shares;

       

      
        	
                (e)

              	
                no
      event referred to in section 87G(1) of the FSMA arising between the time
      of publication of the Prospectus and Admission and no Supplementary
      Prospectus being published by or on behalf of the Company before Admission
      which, in any of the foregoing cases, the Joint Sponsors (after
      consultation with UBS to the extent reasonably practicable in the
      circumstances) consider, in their sole judgement, acting in good faith, to
      be (singly or in the aggregate) (i) material in the context of the Rights
      Issue or the underwriting of the New Shares or Admission or post-Admission
      dealings in the Ordinary Shares and/or (ii) such as to make it
      impracticable or inadvisable to proceed with Admission, the Rights Issue
      or the underwriting of the New
Shares;

              

      

       

      
        	
                (f)

              	
                the
      fulfilment in all material respects by the Company of its obligations
      under Clauses 3.1, 3.3, 4.5, 4.6, 4.7, 4.8, and 4.10 by the times (if any)
      specified therein;

              

      

       

      
        	
                (g)

              	
                Admission
      occurring not later than 8.00 a.m. on the first Dealing Day after the EGM
      Date or such later time and/or date (not later than 19 May 2008) as the
      parties may agree;

              

      

       

      
        	
                (h)

              	
                each
      condition to enable the Nil Paid Rights and the Fully Paid Rights to be
      admitted as a Participating Security in CREST (other than Admission) being
      satisfied on or before the EGM
Date;

              

      

       

      
        	
                (i)

              	
                the
      Company delivering to the Underwriters’ Counsel on the Dealing Day
      immediately before Admission a letter in the form set out in Schedule 4
      signed on behalf of the Company;

              

      

       

      
        	
                (j)

              	
                publication
      of the Prospectus Press Announcement through a Regulatory Information
      Service by no later than 7.30 a.m. on the date of publication of the
      Prospectus;

              

      

       

      
        	
                (k)

              	
                (a)
      there being no information contained in the final form of the Prospectus
      (or in any other publication or announcement issued or to be issued by the
      Company prior to or at the same time as publication of the Prospectus)
      that is not contained in the Press Announcement, the Previous
      Announcements or the Draft Prospectus; and (b) the final form of the
      Prospectus not differing in any respect from the Draft Prospectus, which,
      in either of the foregoing cases, the Joint Sponsors consider, in their
      sole judgement, acting in good faith, to
be

              

      

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

       

      (singly
or in aggregate) (i) material in the context of the Rights Issue
or  the underwriting of the New Shares or Admission or post-Admission
dealings in the Ordinary Shares and/or (ii) such as to make it impracticable or
inadvisable to proceed with Admission, the Rights Issue or the underwriting of
the New Shares;

       

      
        	
                (l)

              	
                the
      delivery to the Underwriters, in accordance with Clause 4.6, of the
      Working Capital Report and Working Capital Letter, in each case, in a form
      satisfactory to the Joint Sponsors (acting in good
  faith).

              

      

       

      2.2           The
Joint Sponsors may, in their absolute discretion:

       

      
        	
                (a)

              	
                extend
      the time or date for satisfaction of any condition set out in Clause 2.1,
      in which case a reference in this Agreement to the satisfaction of such
      condition shall be to its satisfaction by the time or date as so extended;
      or

              

      

       

      
        	
                (b)

              	
                waive
      the satisfaction of any such condition, other than Clauses 2.1(b), 2.1(c)
      and 2.1(g) in whole or in part,

              

      

       

      by giving
written notice to the Company.

       

      2.3           If
any condition set out in Clause 2.1 is not satisfied (or waived by the Joint
Sponsors in their absolute discretion in accordance with Clause 2.2), or becomes
incapable of being satisfied, by the required time and date therefor
then:

       

      
        	
                (a)

              	
                the
      Joint Sponsors’ and Underwriters’ obligations under this Agreement shall
      cease and determine, without prejudice to any liability for any prior
      breach of this Agreement (including, without limitation, breach of any of
      the representations, warranties and undertakings contained herein);
      and

              

      

       

      
        	
                (b)

              	
                the
      Company’s obligations and agreements under Clauses 10, 11, 12, 13, 14, 15,
      17 and 20 to 29 inclusive shall remain in full force and effect and the
      Company’s other obligations under this Agreement shall cease and
      determine, without prejudice to any liability for any prior breach of this
      Agreement (including, without limitation, breach of any of the
      representations, warranties and undertakings contained
      herein),

              

      

       

      provided
that, for the avoidance of doubt, the Underwriters’ and the Joint Sponsors’
obligations under this Agreement shall not be capable of termination at any time
after Admission and such obligations shall be deemed to have become
unconditional on Admission (but, for the avoidance of doubt, without prejudice
to any of the rights and remedies of the Underwriters or Joint Sponsors in
respect of any breach by the Company of its obligations under this Agreement
(including without limitation under this Clause 2)).

       

      2.4           The
Company shall use all reasonable endeavours to procure that each of the
conditions referred to in Clause 2.1 is satisfied within the relevant
time.

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

       

      3.           Application
for listing, admission to trading and to CREST

       

      3.1           The
Company undertakes to apply, before publication of the Prospectus,
to:

       

      
        	
                (a)

              	
                the
      UK Listing Authority for admission of the New Shares to the Official
      List;

              

      

       

      
        	
                (b)

              	
                the
      London Stock Exchange for admission to trading of the New Shares on the
      London Stock Exchange’s market for listed
  securities;

              

      

       

      
        	
                (c)

              	
                NYSE
      Euronext Amsterdam for admission to listing and trading of the New Shares
      on the regulated market of NYSE Euronext Amsterdam;
  and

              

      

       

      
        	
                (d)

              	
                Euroclear
      for admission of the Nil Paid Rights and Fully Paid Rights as a
      Participating Security in CREST.

              

      

       

      The
Company shall use all reasonable endeavours to obtain permission (a) for the
admission of the New Shares to the Official List, (b) for admission to trading
of the New Shares on the London Stock Exchange’s market for listed securities
(subject only to the allotment of the New Shares), (c) for admission of the Nil
Paid Rights and Fully Paid Rights as a Participating Security in CREST (subject
only to Admission) and (d) for admission of the New Shares to listing and
trading on the regulated market of NYSE Euronext Amsterdam as soon as
practicable and, in any event, prior to the EGM Date.

       

      3.2           The
Company undertakes to apply for formal approval of the Prospectus for the
purposes of, and in accordance with, the Listing Rules and the Prospectus Rules
and for the passporting of the Prospectus into the Netherlands in accordance
with the NFSA and shall use all reasonable endeavours to obtain such approval
and passporting as soon as practicable and in any event before despatching the
Prospectus.

       

      3.3           The
Company shall supply all information, give all undertakings, execute all
documents, pay all fees and do or procure to be done all things in each case as
may be necessary or required (a) by the UK Listing Authority and the London
Stock Exchange for the purposes of obtaining formal approval of the Prospectus
and obtaining Admission, and (b) to comply with the Listing Rules, the
Prospectus Rules the Admission and Disclosure Standards, the FSMA and the
Companies Act, and (c) by the UK Listing Authority and/or the Netherlands
Authority for the Financial Markets for the passporting of the Prospectus into
the Netherlands in accordance with the NFSA and (d) by Euroclear for the
purposes of obtaining permission for the admission of the Nil Paid Rights and
the Fully Paid Rights as a Participating Security in CREST.

       

      3.4           The
Company shall notify the Joint Sponsors and the Underwriters immediately of any
matter referred to in section 87G(1) of the FSMA which arises between the time
that the Prospectus is formally approved by the UK Listing Authority and 11.00
a.m. on the Acceptance Date. The Company shall deal with every such matter in
accordance with section 87G of the FSMA, the Listing Rules and the Prospectus
Rules.

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

       

      3.5           The
Company shall procure (to the extent that it lies in its power to so) to be
communicated or delivered to the Underwriters and the Joint Sponsors all such
information and documents (signed by the appropriate person where so required)
as the Underwriters and the Joint Sponsors may reasonably require to enable them
to discharge their obligations hereunder and pursuant to or in connection with
obtaining Admission, the Rights Issue or as may be required to comply with the
requirements of the FSMA, the FSA or the London Stock Exchange. In particular,
if any Underwriter is required to obtain permission from the FSA and any other
relevant regulator to become a controller of the Company prior to subscribing
for any New Shares pursuant to Clause 9, the Company will use all reasonable
endeavours to assist such Underwriter to obtain such permission.

       

      3.6           Each
Joint Sponsor shall use its reasonable endeavours to provide to the Company such
assistance as the Company shall reasonably request in connection with the
procedural steps required for the performance of the obligations of the Company
set out in Clauses 2.l(a), (b), (g) and (h)), and in Clause 3.1.

       

      3.7           If,
as a result of its obligations pursuant to this Agreement, any Underwriter prima
facie becomes subject to an obligation to make a mandatory offer for the Company
under the City Code, the Company agrees to support an application to the Panel
for a waiver thereof (other than pursuant to note 7 to Rule 9.1 of the City Code
or otherwise).

       

      4.           Approval,
release and delivery of documents

       

      4.1           The
Company confirms to the Joint Sponsors and the Underwriters that a meeting or
meetings of the Board has been held (and/or, in the case of (c), (e), (f) and
(g) below, undertakes to hold such a meeting) which has (or will have, as the
case may be):

       

      
        	
                (a)

              	
                authorised
      the Company to enter into and perform its obligations under this
      Agreement;

              

      

       

      
        	
                (b)

              	
                approved
      the form and release of the Press Announcement and the Interim Management
      Statement;

              

      

       

      
        	
                (c)

              	
                approve
      the form of the Circular, Prospectus, Prospectus Press Release and Form of
      Proxy and authorised and approved the publication of the Circular,
      Prospectus, Prospectus Press Release, the Form of Proxy, each of the other
      Relevant Documents and all other documents connected with the Rights Issue
      and Admission, as appropriate;

              

      

       

      
        	
                (d)

              	
                approved
      the making of the Rights Issue;

              

      

       

      
        	
                (e)

              	
                approve
      the making of the applications for
Admission;

              

      

       

      
        	
                (f)

              	
                approve
      the making of an application to Euroclear for admission of the Nil Paid
      Rights and the Fully Paid Rights as a Participating Security in CREST;
      and

              

      

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (g)

              	
                authorised
      (or authorise, as the case may be) all necessary steps to be taken by the
      Company in connection with each of the above
  matters.

              

      

       

      4.2           The
Company shall procure delivery of the Press Announcement to a Regulatory
Information Service for release not later than 7.30 a.m. on the date of this
Agreement and authorises the Joint Sponsors to deliver the Press Announcement
and/or the Draft Prospectus to any potential sub-underwriters of the New
Shares.

       

      4.3           The
Company shall procure delivery of the Prospectus Press Announcement to a
Regulatory Information Service for release not later than 7.30 a.m. on the date
of the Prospectus.

       

      4.4           Subject
to the UK Listing Authority having formally approved the Prospectus for the
purpose of the Listing Rules and the Prospectus Rules and having issued a
passporting statement to the Netherlands Authority for the Financial Markets,
the Company shall:

       

      
        	
                (a)

              	
                make
      the Prospectus available in accordance with paragraph 3.2 of the
      Prospectus Rules and in accordance with the NFSA and make available to the
      Joint Sponsors and the Underwriters such number of copies of the
      Prospectus as they may reasonably require;
and

              

      

       

      
        	
                (b)

              	
                despatch
      the Prospectus and Form of Proxy to Ordinary Shareholders other than, save
      as may be agreed with the Joint Sponsors, the Excluded Territories
      Shareholders and publish the Prospectus as soon as
      practicable.

              

      

       

      4.5           Before
publishing the Press Announcement, the Company shall deliver the documents
referred to in Part A of Schedule 2 to the Joint Sponsors and the Underwriters,
save for paragraphs 2 and 3 of Part A of Schedule 2, which the Company shall use
best endeavours to deliver to the Joint Sponsors and the Underwriters as soon as
practicable following publication of the Press Announcement.

       

      4.6           Before
despatching and publishing the Prospectus, the Company shall deliver the
documents referred to in Part B of Schedule 2 to the Joint Sponsors and the
Underwriters.

       

      4.7           Subject
to the Company supplying to the Joint Sponsors all relevant information, each
Joint Sponsor shall use its reasonable endeavours to deliver to the UKLA the
documents listed in Part C of Schedule 2.

       

      4.8           Before
complying with Clause 4.9, the Company shall deliver the documents referred to
in Part C of Schedule 2 to the Joint Sponsors.

       

      4.9           The
Company shall procure that:

       

      
        	
                (a)

              	
                subject
      to paragraph (c) below, the Provisional Allotment Letters are despatched
      to Qualifying Non-CREST Holders other than Excluded Territories
      Shareholders by the last post on the date the Resolution is passed (or
      such later date as may be agreed with the Joint Sponsors in
      writing);

              

      

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (b)

              	
                subject
      to paragraph (c) below, the Registrar instructs Euroclear to credit the
      stock accounts in CREST of Qualifying CREST Holders other than Excluded
      Territories Shareholders with their entitlements to Nil Paid Rights so
      that they are credited at 8.00 a.m. on the first Dealing Day after the
      date the Resolution is passed (or such later date as may be agreed with
      the Joint Sponsors in writing); and

              

      

       

      
        	
                (c)

              	
                except
      as may be agreed with the Joint Sponsors in writing, neither the
      Prospectus nor the Circular nor any Provisional Allotment Letters are sent
      to Excluded Territories Shareholders (in the case of such shareholders who
      hold their Ordinary Shares in certificated form) who have not given the
      Company an address in the United Kingdom for the service of notices on
      them; nor are the stock accounts of Excluded Territories Shareholders
      credited with Nil Paid Rights (in the case of such shareholders who hold
      their Ordinary Shares in uncertificated
form).

              

      

       

      4.10           No
later than five Dealing Days prior to the EGM Date, the Company shall give each
Joint Sponsor an undated letter from the Company to Euroclear confirming that
each condition to enable the Nil Paid Rights and the Fully Paid Rights to be
admitted as a Participating Security in CREST has been satisfied. Immediately
after Admission, each Joint Sponsor shall date the letter and deliver it to
Euroclear.

       

      4.11           The
Company undertakes to procure that as soon as practicable the relevant
announcements referred to in paragraphs 9.5.5R and 9.6.4R of the Listing Rules
shall be lodged with a Regulatory Information Service as required by such
paragraphs.

       

      5.           Appointments

       

      5.1           The
Company confirms its appointment of GSI and Merrill Lynch as Joint Sponsors in
connection with the proposed Admission of the New Shares.

       

      5.2           The
Company confirms that the appointment in Clause 5.1 confers on GSI and Merrill
Lynch all powers, authorities and discretions which are necessary for, or
incidental to, the performance of their functions as Joint Sponsors. The Company
will ratify and confirm all actions which GSI and Merrill Lynch properly and
lawfully take pursuant to this appointment.

       

      5.3           The
Company acknowledges and agrees that none of the Underwriters and the Joint
Sponsors are responsible for and have not authorised and will not authorise the
contents of the Prospectus and that the Underwriters and the Joint Sponsors have
not been requested to verify, nor are, nor shall be, responsible for verifying,
the accuracy, completeness or fairness of any information in any of the Relevant
Documents (or any supplement or amendment to any of the foregoing).

       

      5.4           The
Company consents to each Joint Sponsor disclosing to the FSA at any time before
or after Admission, any information which it in its absolute discretion deems to
relate to the Company and to address non-compliance with the Listing Rules
and/or the Disclosure Rules and Transparency Rules provided that where legally
permitted and reasonably practicable such Joint Sponsor notifies the Company
prior to making, and consults as to the timing and manner of, such
disclosure.

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

       

      5.5           The
Company irrevocably authorises each of the Joint Sponsors and the Underwriters
to give to the Registrars and/or Euroclear any instructions consistent with this
Agreement and/or the Relevant Documents that it reasonably considers to be
necessary for, or incidental to, the performance of its functions as sponsor or
underwriter (as the case may be).

       

      5.6           The
Company acknowledges that the Joint Sponsors’ responsibilities as sponsors
pursuant to the Listing Rules are owed solely to the FSA and that agreeing to
act as sponsor does not of itself extend any duties or obligations to any one
else, including the Company. For the avoidance of doubt, GSI has not acted, and
is not acting, as sponsor in relation to the information comprising the 28 Day
Information contained in the Prospectus or any transaction related to the 28 Day
Information.

       

      5.7           The
Company confirms the appointment of each of the Underwriters as underwriter for
the purposes of co-ordinating and underwriting the Rights Issue on the terms and
in the manner described in the Relevant Documents and upon and subject to the
terms and conditions set out in this Agreement.

       

      5.8           The
Company confirms that the appointments in Clause 5.7 confer on each of the
Underwriters all powers, authorities and discretions which are necessary for, or
incidental to, the performance of its functions as underwriter. The Company will
ratify and confirm all actions which an Underwriter properly and lawfully takes
pursuant to this appointment.

       

      5.9           The
Company confirms the appointment of GSI, Merrill Lynch and RBS as joint
bookrunners for the purposes of the Rights Issue on the terms and in the manner
described in the Relevant Documents and upon and subject to the terms and
conditions set out in this Agreement.

       

      5.10           The
Company confirms that the appointment in Clause 5.9 confers on the Joint
Bookrunners all powers, authorities and discretions which are necessary for, or
incidental to, the performance of its functions as joint bookrunners (including
the appointment of such agents and affiliates as it deems appropriate). The
Company will ratify and confirm all actions which each of the Joint Bookrunners
properly and lawfully takes pursuant to this appointment.

       

      5.11           The
Company confirms the appointment of UBS as co-bookrunner for the purposes of the
Rights Issue on the terms and in the manner described in the Relevant Documents
and upon and subject to the terms and conditions set out in this
Agreement.

       

      5.12           The
Company confirms that the appointment in Clause 5.11 confers on UBS all powers,
authorities and discretions which are necessary for, or incidental to, the
performance of its functions as co-bookrunner. The Company will ratify and
confirm all actions which UBS properly and lawfully takes pursuant to this
appointment.

       

      5.13           Prior
to publication of the Prospectus, the Company may appoint one or more additional
Underwriters as co-managers, in each case upon the terms of an Offer Letter, to
be in the form set out in Schedule 7, duly executed by such additional
Underwriter, provided that such an appointment will not be valid unless the
Company

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

       

      and the
Joint Sponsors (on behalf of themselves and the other Underwriters at that time)
have countersigned the relevant Offer Letter (including by facsimile). Upon such
countersignature, such additional Underwriter shall, subject to the terms of the
relevant Offer Letter, become a party to this Agreement, vested with all
authority, rights, powers, duties and obligations of an Underwriter as if
originally named as an Underwriter hereunder.

       

      5.14           Upon
the appointment of an additional Underwriter pursuant to Clause 5.13, the Joint
Sponsors shall, as soon as reasonably practicable thereafter, notify the other
Underwriters of (i) such appointment; (ii) the revised Proportionate Share of
each of the Underwriters (provided that the revised Proportionate Shares of GSI,
Merrill Lynch and UBS are to be, as between themselves, in the same proportions
as prior to such appointment, and further provided that the sum of the
Proportionate Shares of all Underwriters shall always equal 100 per cent.; and
(iii) the revised Base Fee payable to each Underwriter pursuant to Clause 10.1
(provided that the revised Base Fee of GSI, Merrill Lynch and UBS are to be
payable, as between themselves, in the same proportions as prior to such
appointment).

       

      6.           Allotment

       

      6.1           Subject
to:

       

      
        	
                (a)

              	
                the
      formal approval by the UK Listing Authority of the Prospectus and
      passporting of the Prospectus into the Netherlands by not later than the
      date on which the Company publishes the
  Prospectus;

              

      

       

      
        	
                (b)

              	
                the
      UK Listing Authority having granted permission for the New Shares (nil
      paid) to be admitted to the Official List and the London Stock Exchange
      having granted permission for the New Shares (nil paid) to be admitted to
      trading on its market for listed securities and NYSE Euronext having
      granted permission for the New Shares (nil paid) to be admitted to listing
      and trading on the regulated market of the NYSE Euronext Amsterdam and the
      admission of the Nil Paid Rights and the Fully Paid Rights as a
      Participating Security in CREST (subject only to the allotment of the New
      Shares); and

              

      

       

      
        	
                (c)

              	
                the
      passing of the Resolution in accordance with Clause
  2.1(c),

              

      

       

      the
Company shall provisionally allot the New Shares (nil paid) on the EGM Date to
all Qualifying Shareholders pursuant to a resolution of the Board. The allotment
of the New Shares shall be made upon the terms and subject to the conditions set
out in the Prospectus and to be set out in the Provisional Allotment Letter and
on the basis referred to in Clause 6.4 for acceptance and payment in full by not
later than 11.00 a.m. on the Acceptance Date. New Shares representing the
aggregate of fractions of New Shares shall be provisionally allotted as directed
by the Underwriters and dealt with in accordance with Clause 7.

       

      6.2           The
Company may only exercise its right in the Prospectus in relation to Qualifying
CREST Holders to allot and issue the Nil Paid Rights, the Fully Paid Rights or
the New Shares in certificated form if it has first obtained the Joint Sponsors’
written consent (such consent not to be unreasonably withheld or
delayed).

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

       

      6.3           By
not later than 5.00 p.m. on the Acceptance Date, the Company will confirm the
provisional allotments of the New Shares which have been taken up pursuant to a
resolution of the Board and cancel the provisional allotments of the New Shares
which have not been taken up. By not later than the third Dealing Day after the
Acceptance Date, the Company will allot a number of New Shares equal to the
number of New Shares for which provisional allotments were not taken up in
favour of the persons who, pursuant to Clauses 8.4 and/or 9.1, are to subscribe
for such New Shares, pursuant to a resolution of the Board, save that where any
such allotment of New Shares is in favour of the Underwriters pursuant to Clause
9.1, such allotment shall be provisional and subject to the terms set out in
Clause 9.4.

       

      6.4           If
a Supplementary Prospectus is issued by the Company two or fewer days prior to
the date specified in the Prospectus as the Acceptance Date (or such later date
as may be agreed between the parties), the parties agree that the Acceptance
Date shall be extended to the date which is three Business Days after the date
of issue and passporting into the Netherlands of the Supplementary Prospectus
and all dates in this Agreement referable to the Acceptance Date shall also be
extended mutatis mutandis.

       

      6.5           The
New Shares, when issued and fully paid, will rank pari passu in all respects
with the existing issued Ordinary Shares and will be free from all liens,
charges, encumbrances and equities.

       

      7.           Sale
of Fractional Entitlements

       

      7.1           As
soon as reasonably practicable following the close of business on the EGM Date,
the Company shall inform each of the Underwriters of the number of New Shares
representing the aggregate of fractional entitlements. The Underwriters shall
(acting as agents for the Company) use their reasonable endeavours to procure
that all or as many as is reasonably practicable of those Nil Paid Rights are
sold through the London Stock Exchange at a premium in excess of the expenses of
sale (including, without limitation, any related VAT) on the timing set out in
Clause 8.4.

       

      7.2           The
Underwriters shall, by no later than the time set out in Clause 8.4, inform the
Company and the Receiving Agent of the number of New Shares to be issued to
buyers procured pursuant to Clause 7.1 (and specifying the number requested to
be issued in certificated form and the number requested to be issued in
uncertificated form). As soon as reasonably practicable after the Underwriters
shall have so notified the Company:

       

      
        	
                (a)

              	
                the
      Company shall deliver to GSI and Merrill Lynch on behalf of themselves and
      the other Underwriters, or as it shall direct, nil-paid split PALs in
      respect of those New Shares so sold which purchasers have requested to
      receive in certificated form, in the names and denominations required by
      them; and

              

      

       

      
        	
                (b)

              	
                the
      Company shall procure that the Receiving Agent instructs Euroclear to
      credit the stock accounts in CREST (notified by the Underwriters) with the
      number of Nil Paid Rights that they require in respect of those New Shares
      so sold which purchasers have requested to receive in uncertificated
      form,

              

      

       

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

       

      and after
the Company has complied with its obligations in Clauses 7.2(a) and 7.2(b) the
Underwriters shall forthwith account to the Receiving Agent for the net proceeds
of sale of those Nil Paid Rights that have been sold and the Company shall
ensure that the net proceeds of sale are dealt with in accordance with Clause
7.3.

       

      7.3           It
shall be a term of each sale referred to in Clause 7.1 that the proceeds of sale
shall be paid to and retained for the benefit of the Company.

       

      7.4           The
Underwriters shall have absolute discretion to procure such purchasers of Nil
Paid Rights as they think fit and to determine the number of Nil Paid Rights
which each such purchaser acquires.

       

      7.5           If
the Nil Paid Rights referred to in Clause 7.1 have not been sold by the time set
out in Clause 8.4, they shall be dealt with in accordance with Clause 8 and
Clause 9. Any net proceeds of subscription in respect of such Nil Paid Rights
receivable by the Underwriters pursuant to Clause 8.5 will be paid to the
Receiving Agent and will be treated as if they were net proceeds of sale for the
purposes of Clause 7.3.

       

      8.           New
Shares not taken up

       

      8.1           If,
by 11.00 a.m. on the Acceptance Date, all the New Shares shall have been taken
up, or are subsequently deemed to have been taken up pursuant to Schedule 1, the
Underwriters’ obligations under Clauses 8 and 9 shall cease.

       

      8.2           Whether
or not any New Share shall have been taken up shall be determined in accordance
with the provisions of Schedule 1 and the parties agree to give effect to the
provisions of Schedule 1.

       

      8.3           As
soon as practicable after 11.00 a.m. on the Acceptance Date and by not later
than close of business on the Acceptance Date, the Company will (or will procure
that the Receiving Agent will) notify the Underwriters in writing of the number
of New Shares which have not been taken up.

       

      8.4           The
Underwriters will severally endeavour to procure subscriber(s) for New Shares
equivalent to the number of New Shares which are not taken up (or, at their
discretion, for as many as can be so procured) upon the terms (in so far as the
same are applicable) of the Prospectus and the Provisional Allotment Letter as
soon as reasonably practicable and in any event by not later than 4.30 p.m. on
the second Dealing Day after the Acceptance Date if an amount which is not less
than the total of the Subscription Price multiplied by the number of such New
Shares for which subscriber(s) are so procured and the expenses of procurement
(including any applicable brokerage and commissions and amounts in respect of
VAT which are not recoverable) can be obtained. Any subscribers so procured by
the Underwriters shall subscribe for the New Shares at the Subscription Price
and any amount in excess of the Subscription Price shall be paid by the
subscriber and received by the Underwriters on the basis that the same shall be
applied in meeting the Underwriters’ expenses of procuring such subscription
(including any applicable brokerage and commissions and amounts in respect of
VAT which are not recoverable) and that any balance remaining shall be received
as agent for and payable to non-accepting

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

       

      Qualifying
Shareholders in accordance with Clause 8.7. The Underwriters shall not be
obliged to endeavour to procure such subscriber(s) and may, at any time on or
after the Acceptance Date, cease to endeavour to procure any such subscriber(s)
if, in their opinion, it is unlikely that any such subscriber(s) can be so
procured by such time and on the terms referred to above whereupon the
Underwriters shall not be under any obligation to endeavour to procure any such
subscriber(s).

       

      8.5           Each
Underwriter severally agrees to comply with the terms of the Selling
Restrictions in seeking to procure subscribers for the purpose of Clause 8.4.
Subject to compliance with the Selling Restrictions, each Underwriter shall have
absolute discretion to use its reasonable endeavours to procure such subscribers
in the manner and otherwise as it thinks fit. The Underwriters shall, by
agreement between themselves, determine the number of New Shares which each such
subscriber acquires.

       

      8.6           The
Underwriters shall:

       

      
        	
                (a)

              	
                by
      not later than the third Dealing Day after the Acceptance Date inform the
      Company of the number of New Shares to be issued in each of certificated
      form and uncertificated form to subscribers procured pursuant to Clause
      8.4; and

              

      

       

      
        	
                (b)

              	
                in
      respect of the amounts received by the Underwriters in accordance with
      Clause 8.4 (and after deduction of the expenses of procuring subscribers,
      including amounts in respect of VAT which are not recoverable), by not
      later than the fifth Dealing Day after the Acceptance Date procure payment
      to:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Company (or to the Receiving Agent on its behalf) of the Subscription
      Price in respect of the New Shares for which subscribers are procured
      pursuant to Clause 8.4; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                to
      the Receiving Agent (on behalf of the persons, and in the proportions,
      referred to in Clause 8.7) of the
balance,

              

      

       

      against
the issue of New Shares in certificated form in such names and denominations as
specified by the Underwriters pursuant to paragraph (a) above in respect of the
New Shares to be issued in certificated form and subject to Euroclear crediting
the Underwriters’ (or their nominees’) stock accounts in CREST (notified by the
Underwriters) with the number of New Shares specified by the Underwriters
pursuant to paragraph (a) above in respect of the New Shares to be issued in
uncertificated form.

       

      8.7           The
Company shall procure that the Receiving Agent makes payment of the amount
received by the Receiving Agent pursuant to Clause 8.6(b)(ii) to the
non-accepting Qualifying Shareholders to whom New Shares were provisionally
allotted pro rata to their lapsed provisional entitlements as soon as
practicable after receipt (save that individual amounts of less than £5.00 will
not be so paid but will be paid to the Company for its own benefit). If the Nil
Paid Rights were in certificated form when they lapsed, such payment shall be
made to the person whose name and address appears on page one of the Provisional
Allotment Letter relating to those Nil

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

       

      Paid
Rights. If the Nil Paid Rights were in uncertificated form when they lapsed,
such payment shall be made to the person registered as the holder of those Nil
Paid Rights when they were disabled in CREST.

       

      8.8           In
the absence of any frand or wilful default by an Underwriter which has been
finally determined by a court of competent jurisdiction to have occurred, that
Underwriter shall not be responsible, whether to the Company, any Qualifying
Shareholder, any other shareholder or otherwise, for any loss or damage to any
person arising from any such transactions as are mentioned in this Clause 8 or
for any insufficiency or alleged insufficiency of any dealing price at which
subscribers for New Shares may be procured by it or for the timing of any such
subscription or for any determination by that Underwriter to cease to endeavour
to procure such subscribers.

       

      9.           Underwriting

       

      9.1           If
and to the extent that they are unable to procure subscribers in accordance with
Clause 8.4, the Underwriters, as underwriters, shall procure subscribers or,
subject to Clause 9.4, themselves subscribe at the Subscription Price for the
New Shares not otherwise taken up and for which subscribers are not procured
under Clause 8.4. The obligations of the Underwriters in this Clause 9.1 are
several and not joint and each Underwriter shall be responsible only for its
Proportionate Share of the New Shares not otherwise taken up and for the
avoidance of doubt no Underwriter shall have any liability or obligation in
respect of any default by another.

       

      9.2           Each
Underwriter shall, not later than the close of business on the fifth Dealing Day
after the Acceptance Date, pay, or procure payment of, the Subscription Price
for the New Shares subscribed by it (subject to Clause 9.4) under Clause 9.1 (or
for which it has procured subscribers) to the Receiving Agent against credit of
fully paid securities representing those New Shares to the uncertificated
securities account of such Underwriter as notified by it to the Company and the
Receiving Agent. Upon compliance with this Clause 9.2 by the relevant
Underwriter, that Underwriter will be under no further liability to the
Company.

       

      9.3           Any
subscription for New Shares under Clause 8.4 or Clause 9.1 will be made on the
terms and conditions and on the basis of the information contained in the
Relevant Documents (except as regards the time and method for acceptance and
payment) so far as they are applicable, subject to the memorandum and articles
of association of the Company and, in the case of any subscription under Clause
9.1, on the terms of this Agreement.

       

      9.4           If
the issue of New Shares to the Underwriters pursuant to Clause 6.3 of this
Agreement would result in the Underwriters holding collectively an aggregate
shareholding in the Company in excess of 4.99 per cent. (or such other
percentage as the Underwriters determine and notify in writing to the Company
from time to time) of the total share capital of the Company on a fully-diluted
basis taking into account the number of shares then held by the Underwriters,
the Underwriters shall give advance written notice thereof to the Company no
later than the third Dealing Day after the Acceptance Date and shall specify in
such notice whether, as a result of the obligation to obtain the relevant
regulatory approval or consent in any jurisdiction

       

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

       

      where the
Company conducts banking, insurance and/or other regulated operations (the Regulatory
Approvals), the Underwriters elect not to take delivery of the New Shares
to the extent their collective aggregate shareholding in the Company would be in
excess of 4.99 per cent. (or such other percentage as the Underwriters determine
and notify in writing to the Company from time to time) (the Excess
Shares). Such Excess Shares shall be provisionally allotted to the
Underwriters in proportion to their commitments set forth in Clause
9.1.

       

      If such
notice specifies that the Underwriters do not elect to take delivery of the
Excess Shares, the Underwriters and the Company shall promptly consult together
and attempt to procure sub-underwriters to subscribe for some or all of the
Excess Shares on the Second Closing Date. Should it not be possible to find
sub-underwriters for all Excess Shares, then on the fifth Dealing Day after the
Acceptance Date, the following shall take place:

       

      (a)           the
Underwriters shall take delivery of that number of New Shares such that their
aggregate shareholding in the Company does not exceed 4.99 per cent. (or such
other percentage as the Underwriters determine and notify in writing to the
Company) of the total share capital of the Company on a fully-diluted
basis;

       

      (b)           the
Underwriters shall pay to the Company the Subscription Price for the New Shares
to be taken up by them hereunder (after applying the provisions of this Clause
9.4) (and the Excess Shares), each Underwriter paying an amount proportionate to
the amount of its underwriting commitment as set forth in Clause 9.1, and such
payment in respect of the Excess Shares shall not be refundable except as, and
only to the extent, provided for in Clause 9.4(f) and, for the avoidance of
doubt, such refund shall only be made by way of set off as therein
provided;

       

      (c)           the
obligation of the Underwriters to subscribe for the Excess Shares under this
Agreement shall be extended for a period of up to three months after the fifth
Dealing Day after the Acceptance Date or, if such period is extended as provided
under paragraph (h) of this Clause 9.4, until the end of the extended
period;

       

      (d)           as
soon as possible after the fifth Dealing Day after the Acceptance Date, the
Underwriters shall seek to obtain, with the assistance and cooperation of the
Company, the relevant Regulatory Approvals; wherever appropriate, the Company
shall initiate and/or assist in the contacts with the local regulators and use
its best efforts to ensure that the relevant Regulatory Approvals are obtained
within three months after the fifth Dealing Day after the Acceptance Date; if
this three-month period is extended as provided under paragraph (h) of this
Clause 9.4, the Company shall continue to assist and cooperate with the
Underwriters so that all relevant Regulatory Approvals are obtained by the end
of the extended period;

       

      (e)           to
the extent that the Underwriters have not procured subscribers for the Excess
Shares, when all Regulatory Approvals shall have been obtained in all relevant
countries, the Underwriters shall send to the Company a notice to announce that
an Unconditional
Allotment Date shall take place within five business days of such notice;
on such Unconditional Allotment Date, the Company shall unconditionally allot
and deliver the remaining Excess Shares to the Underwriters, each
Underwriter

       

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

       

      subscribing
to the number of Excess Shares proportionate to its underwriting commitment set
forth in Clause 9.1;

       

      (f)           if,
at any time within the period of three months following the fifth Dealing Day
after the Acceptance Date (or, if such period is extended as provided under
paragraph (h) hereunder, until the end of the extended period), the Underwriters
are able to procure subscribers for all the remaining Excess Shares or a number
of Excess Shares representing at least 1 per cent. of the total share capital of
the Company then issued and outstanding, the Underwriters shall send the Company
a notice to announce that an Unconditional Allotment Date shall take place
within five business days of such notice; on such Unconditional Allotment Date,
the provisional allotment in respect of the relevant number of Excess Shares in
favour of the Underwriters shall lapse and the Company shall unconditionally
allot and issue the relevant number of Excess Shares to the subscribers
nominated by the Underwriters. The Subscription Price paid by the subscribers
shall be paid by the subscribers to the Underwriters for the account of the
Company and the Underwriters may set off the said Subscription Price against the
Company’s obligation to refund to the Underwriters the Subscription Price
payable under Clause 9.4(b) above on the lapse of the provisional allotment as
aforesaid;

       

      (g)           if,
as a result of obtaining Regulatory Approvals in one or several countries or a
determination by the Underwriters, the highest shareholding that the
Underwriters would be allowed to hold in the Company according to the laws
applicable in all remaining countries is higher than 4.99 per cent. (or such
other percentage as the Underwriters determine and notify in writing to the
Company from time to time) of the total share capital of the Company on a
fully-diluted basis and, hence, the Underwriters determine they are able to
increase the number of Shares they collectively hold in the Company, the
Underwriters shall, to the extent that they have not procured subscribers for
such Excess Shares, send to the Company a notice to announce that an
Unconditional Allotment Date shall take place within five business days of such
notice; on such Unconditional Allotment Date, the Company shall unconditionally
allot and deliver the number of Excess Shares such that the number of Shares
held collectively by the Underwriters reaches the highest shareholding allowed
by applicable law in the countries in which Regulatory Approvals remain to be
obtained or such other level as the Underwriters determine, each Underwriter
subscribing to the number of Excess Shares proportionate to its underwriting
commitment set forth in Clause 9.1 ;

       

      (h)           if,
on the last day of the three-month period referred to above, all or a number of
Excess Shares remain to be allotted and issued, the Company shall
unconditionally allot and issue on such day the remaining Excess Shares to the
Underwriters, and the Underwriters shall subscribe for such Excess Shares
proportionate to their underwriting commitments set forth in Clause 9.1;
however, if at that time, the Underwriters determine that any necessary
Regulatory Approval remains to be obtained, the Underwriters shall inform the
Company by notice at least five business days prior the end of the three-month
period; in such a case, the period by which all Excess Shares must be issued to
the Underwriters shall be extended by three months, so as to avoid the
Underwriters having to subscribe for the Excess Shares in violation of the
regulatory rules applicable in any of those countries; such extension shall
be

       

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

       

      granted a
maximum of three times, so that the period by which the Excess Shares shall have
to be unconditionally allotted and subscribed by the Underwriters shall not
exceed twelve months from the fifth Dealing Day after the Acceptance Date; the
Company shall use all reasonable endeavours to assist and cooperate with the
Underwriters so that the Underwriters are not required to acquire the Excess
Shares prior to receipt of all necessary Regulatory Approvals;

       

      (i)           as
long as any Excess Shares remain to be unconditionally allotted by the Company
to the Underwriters, the Underwriters shall be treated as shareholders (in their
respective underwriting proportion) for the purpose of distributions and other
corporate events, and the Company shall pay or distribute such amounts to the
Underwriters as will put each of them in the same position as they would have
been, taking into account all relevant matters (including tax), had there been
no delay in the unconditional allotment and/or issue and/or delivery of any
Excess Shares to any of the Underwriters.

       

      9.4A                      If
the Underwriters collectively determine that the maximum percentage shareholding
in the Company specified in Clause 9.4 shall apply to the percentage of Shares
held by each Underwriter on an individual and not an aggregate basis then the
provisions of Clause 9.4 shall apply, mutatis mutandis, to each Underwriter
separately in respect of such New Shares as would result in such Underwriter’s
holding of Shares in the Company exceeding 4.99 per cent. (or such other
percentage as the Underwriters determine and notify in writing to the Company
from time to time). The Underwriters shall notify the Company in writing of any
determination made pursuant to this Clause 9.4A.

       

      10.           Commissions
and expenses

       

      10.1           Subject
to the Underwriters’ obligations under this Agreement having become
unconditional, to this Agreement not having been terminated and to the
provisions of Clause 5.14, the Company shall pay to the Underwriters in
consideration for their services under this Agreement an aggregate base fee (the
Base
Fee) of 1.50 per cent. of the Subscription Price multiplied by the
aggregate number of New Shares, payable to the Underwriters in their
Proportionate Shares. The Base Fee shall be paid by the Company together with an
additional amount in respect of any applicable VAT in accordance with Clause
10.7 (such VAT to be paid by the Company within 10 Business Days after the issue
by any Underwriter of a valid VAT invoice).

       

      10.2           In
addition to the fees described in Clause 10.1 above, the Company may, in its
sole discretion (as to payment and allocation), pay to the Underwriters a
discretionary fee equal to 0.25 per cent. of the Subscription Price multiplied
by the aggregate number of New Shares. Such discretionary fee shall be payable
together with an additional amount in respect of any applicable VAT in
accordance with Clause 10.7 (such VAT to be paid by the Company within 10
Business Days after the issue by any Underwriter of a valid VAT
invoice).

       

      10.3           Subject
to the Underwriters’ obligations under this Agreement having become
unconditional and to this Agreement not having been terminated, the Company
shall pay RBS in consideration for its services under this Agreement an
aggregate bookrunning fee of 0.05 per cent. of the Subscription Price multiplied
by the

       

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

       

      aggregate
number of New Shares. Such fee shall be paid by the Company together with an
additional amount in respect of any applicable VAT in accordance with Clause
10.7 (such VAT to be paid by the Company within 10 Business Days after the issue
by any Underwriter of a valid VAT invoice).

       

      10.4           The
Company shall pay the fees payable to the Underwriters by not later than the
fifth Dealing Day following the Acceptance Date. Without prejudice to their
right to receive payment directly from the Company pursuant to this Clause 10.4,
the Underwriters shall be entitled and are authorised to deduct some or all of
such fees and any other fee and any expense which the Company has agreed to pay
the Underwriters from any amount otherwise payable by the Underwriters to the
Company under this Agreement.

       

      10.5           Out
of the commissions referred to in this Clause 10, the Underwriters shall pay any
sub-underwriting commissions payable to such persons (if any) as the
Underwriters may procure to subscribe New Shares.

       

      10.6           In
addition to the fees and commissions referred to in Clauses 10.1, 10.2 and 10.3
the Company shall pay (whether or not the Underwriters’ and the Joint Sponsors’
obligations under this Agreement become unconditional) all costs and expenses
of, or in connection with, the Rights Issue, the EGM, the allotment and issue of
the New Shares and this Agreement. This shall include (but shall not be limited
to) the UK Listing Authority and the London Stock Exchange and NYSE Euronext
Amsterdam listing and trading fees, other regulatory fees and expenses, printing
and advertising costs, postage, the Receiving Agent’s charges, its own and the
Underwriters’ and the Joint Sponsors’ properly incurred legal and other
out-of-pocket expenses, all accountancy and other professional fees, properly
incurred public relations fees and expenses and all stamp duty and stamp duty
reserve tax (if any) and other duties and taxes (other than corporation tax
incurred by any of the Underwriters or the Joint Sponsors (as relevant) on the
commissions payable to them under this Clause 10) in connection with the Rights
Issue, provided that the Company shall not be liable for any stamp duty or stamp
duty reserve tax arising as a result of any subsequent sales or transfers of, or
agreements to transfer, the New Shares by any Underwriter following the
subscription by such Underwriter under Clause 9 or any subscriber for New
Shares. The Company shall immediately on request pay or reimburse the
Underwriters or the Joint Sponsors the amount of any expenses which are to be
borne by the Company and which the Underwriters (or any subscriber for New
Shares) or the Joint Sponsors have paid.

       

      10.7           Where,
pursuant to this Agreement, a sum is paid or reimbursed to an Underwriter or an
Indemnified Person, the Company shall also pay to that Underwriter or
Indemnified Person in respect of VAT:

       

      
        	
                (a)

              	
                where
      the payment or reimbursement constitutes the consideration or part of it
      for any supply of services by that Underwriter to the Company, such amount
      as equals any VAT properly payable thereon and on such irrecoverable VAT,
      if any, as is referred to in (b)
below;

              

      

       

      
        	
                (b)

              	
                (except
      where (c) below applies) such amount as equals any VAT charged to that
      Underwriter in respect of any cost, charge or expense which gives rise
      to

              

      

       

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

       

      or is
reflected in the payment or reimbursement and which that Underwriter certifies
is not recoverable by it by repayment or credit, that certificate to be
conclusive save in the case of manifest error; and

       

      
        	
                (c)

              	
                on
      any payment or reimbursement in respect of or indemnification for costs,
      charges or expenses incurred by that Underwriter as agent for the Company
      and except where section 47(3) of the Value Added Tax Act 1994 applies,
      such amount as equals the amount included in the costs, charges or
      expenses in respect of VAT, provided that in such a case the Underwriter
      will use reasonable endeavours to procure that the actual supplier of the
      goods or services which the Underwriter received as agent issues its own
      VAT invoice directly to the
Company.

              

      

       

      11.           Restrictions
on Actions and Announcements

       

      11.1           Without
the Joint Sponsors’ prior written consent (such consent not to be unreasonably
withheld or delayed), the Company undertakes that it will not (and the Company
will use all reasonable endeavours to procure that no member of the Group will)
at any time prior to the date which is 60 Dealing Days after, as appropriate,
the Acceptance Date or the date that the Joint Sponsors’ and the Underwriters’
obligations under this Agreement cease in accordance with Clause 2.3 or Clause
16.1:

       

      
        	
                (a)

              	
                enter
      into any commitment or agreement, or put itself in a position where it is
      obliged to announce that any commitment or agreement may be entered into,
      which is or is reasonably likely to be material in the context of the
      Rights Issue or the underwriting of the New Shares or Admission or
      post-Admission dealings in the Ordinary Shares, save in each case for any
      commitment or agreement referred to in or contemplated by a Previous
      Announcement or the Press Announcement;
or

              

      

       

      
        	
                (b)

              	
                allot,
      issue (or contract to allot or issue) or grant any rights in respect of
      any shares of the Company or of a Group Company (except for (i) the issue
      by the Company of the New Shares, (ii) the issue by the Company (or any
      Group Company) of any Ordinary Shares upon the exercise of an option or
      warrant or the conversion of a security outstanding on the date of this
      Agreement and disclosed in the Prospectus, (iii) the grant of options or
      rights under, and the allotment and issue of Ordinary Shares pursuant to
      options or grants granted under, the Company’s existing share schemes, in
      each case in accordance with normal practice, (iv) any other issue of
      Ordinary Shares pursuant to an obligation entered into prior to the date
      hereof and disclosed in the Prospectus), (v) any intra-group issues
      between wholly-owned subsidiaries, (vi) any issues required by relevant
      regulatory authorities or (vii) the issue by the Company of instruments
      constituting tier 2 or upper tier 2 capital for regulatory purposes (other
      than where such tier 2 instruments are convertible to ordinary shares);
      and provided that the Company shall obtain the prior written consent of
      the Joint Sponsors (such consent not to be unreasonably withheld or
      delayed) to any issue of shares by it or a Group Company that would, on
      issue, constitute tier 1 capital (including, without
      limitation,

              

      

       

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

       

      innovative
tier 1) for regulatory purposes, save in respect of any issue of tier 1 capital
that is otherwise permitted by sub-paragraphs (i) to (vi) above; or

       

      
        	
                (c)

              	
                circulate,
      distribute, publish, issue or make (nor authorise any other person to
      circulate, distribute, publish, issue or make) any press or other public
      announcement or any advertisement, statement or public communication
      concerning the Company and its subsidiary undertakings which is or is
      reasonably likely to be material in the context of the Rights Issue or the
      underwriting of the New Shares or Admission or post-Admission dealings in
      the Ordinary Shares (other than (i) an announcement, advertisement,
      statement or communication required by law or any regulatory body
      (provided that in that event (1) the Company will consult, to the extent
      practicable, with the Joint Sponsors before making any such release; and
      (2) will obtain the prior consent of any Joint Sponsor or Underwriter
      whose name is included in the announcement, advertisement, statement or
      public communication in question for such inclusion); and (ii) in respect
      of any public announcement, advertisement, statement or public
      communication in connection with any matter arising in the ordinary course
      of business of the Group that is not material in the context of the Rights
      Issue or the underwriting of the New Shares or Admission or post-Admission
      dealings in the Ordinary Shares, but subject always to Clause
      11.2).

              

      

       

      11.2           The
Company undertakes that it will not at any time during the period ending on the
date that is 60 Dealing Days following the Acceptance Date make any public
announcement, advertisement, statement or communication as is referred to in
Clause 11.1 or relating to any matters, events or circumstances which may be
necessary to be made known to the public in order to enable the shareholders of
the Company and the public to appraise the position of the Company or to avoid
the establishment of a false market in its securities, either individually or
jointly with any other person (including, without limitation, any matter
whatsoever which would require notification by the Company to a Regulatory
Information Service in accordance with the provisions of the Listing Rules or by
the Company pursuant to the NFSA), without first, where reasonably practicable:
(a) notifying the Joint Sponsors as to the content, form and manner of
publication of such announcement, advertisement, statement or communication; (b)
making available drafts of any such announcement, advertisement, statement or
communication to the Joint Sponsors in sufficient time prior to its publication
to allow the Joint Sponsors an opportunity to consider and comment on the same;
and (c) consulting with the Joint Sponsors as to the content, form and manner of
publication of such announcement, advertisement, statement or
communication.

       

      11.3           The
Company undertakes to make all such announcements concerning the Rights Issue as
shall be necessary to comply with the Listing Rules, the Disclosure Rules and
Transparency Rules, the Prospectus Rules, the Admission and Disclosure Standards
and section 118, sections 118A to 118C inclusive and section 397 of the FSMA,
and the NFSA or which any of the Joint Sponsors otherwise reasonably considers
to be necessary or desirable (including, without limitation, for the purposes of
procuring any sub-underwriters or potential subscribers for any New Shares in
accordance with this Agreement) and any of the Joint Sponsors shall be entitled
to

       

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

       

      make any
such announcement if the Company fails (in the opinion of such Joint Sponsor
acting in good faith) promptly to fulfil its obligations under this Clause
11.3.

       

      12.           Representations,
warranties and undertakings

       

      12.1           The
Company represents, warrants and undertakes to each Underwriter and each Joint
Sponsor that each statement set out in Schedule 3 is true and accurate and not
misleading at the date of this Agreement and will remain true and accurate and
not misleading on the date of publication of the Prospectus and at Admission by
reference to the facts and circumstances then existing. The Company acknowledges
that each of the Underwriters and each of the Joint Sponsors is entering into
this Agreement in reliance on such representations, warranties and undertakings.
Each representation, warranty and undertaking shall be construed separately and
shall not be limited or restricted by reference to or inference from the terms
of any other representation, warranty and undertaking or any other term of this
Agreement.

       

      12.2           The
Company shall promptly notify the Underwriters and the Joint Sponsors (giving
reasonable details) if it comes to the knowledge of the Company or any Director
that (a) any statement in Schedule 3 was breached or untrue, inaccurate or
misleading at the date of this Agreement; or (b) would, or would be reasonably
likely to, be breached or untrue, inaccurate or misleading if repeated by
reference to the facts and circumstances existing at any time during the period
between the date of this Agreement and the later of (i) the fifth Dealing Day
after the Acceptance Date or (ii) the date on which the Underwriters’ and the
Joint Sponsors’ obligations under the Agreement cease in accordance with Clauses
2.3, 8.1 and/or Clause 16.1, or if the Company is in material breach of any of
its obligations under this Agreement.

       

      12.3           The
Company agrees that the Underwriters and any sub-underwriter who acquires New
Shares shall be entitled to the same remedies and rights of action against the
Company, and to the same extent, as any person who acquires any New Shares
pursuant to the Rights Issue on the basis of the Prospectus and the Provisional
Allotment Letter.

       

      12.4           References
in this Agreement to a representation, warranty or undertaking being (or not
being) true and accurate or not being (or being) misleading “in any material
respect” shall mean material in the context of the Rights Issue and/or
the underwriting of the New Shares and/or Admission and/or post-Admission
dealings in the Ordinary Shares. In that connection and otherwise in this
Agreement (including, without limitation, the statements set out in Schedule 3)
in relation to references to a matter which would or might be “material in the
context of the Rights Issue or the underwriting of the New Shares or Admission
or post-Admission dealings in the Ordinary Shares” (or similar
expressions) a matter shall, without limitation, be deemed to be so material if
(i) it would have been material for disclosure to potential sub-underwriters or
other subscribers for New Shares had such matter existed when such
sub-underwriters or other subscribers for New Shares were sought for the New
Shares and/or (ii) it would be reasonably likely to have a Material Adverse
Effect.

       

      12.5           The
representations, warranties and undertakings referred to in this Clause 12 shall
remain in full force and effect notwithstanding completion of all matters and
arrangements referred to in, or contemplated by, this Agreement.

       

       

      
        
          
          

        

        
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      12.6           Where
any of the representations, warranties and undertakings are qualified by
reference to awareness and/or knowledge and/or information and/or belief, that
reference shall be deemed to include a statement to the effect that it has been
given after making such enquiries (if any) within the Group as were (a)
reasonable at the date of this Agreement and (b) due and careful
thereafter.

       

      12.7           The
Company undertakes to observe and comply with the provisions in respect of
overseas shareholders set out in paragraph 2.5 Part III of the Draft Prospectus
under the heading “Overseas Shareholders” and the corresponding paragraph(s) of
the Prospectus to the extent different.

       

      12.8           No
claim may be made against the Company for breach of Warranty under this Clause
12 in respect of any fact, matter or circumstance (including an omission)
relating to the Draft Prospectus to the extent that such fact, matter or
circumstance does not also constitute a breach of Warranty relating to the
Prospectus. For the avoidance of doubt, the foregoing is without prejudice to
the provisions of Clauses 2, 14 and 16 of this Agreement.

       

      13.           Exclusions
of liability

       

      13.1           Without
prejudice to Clause 13.2, no claim shall be made by the Company or any of its
subsidiary undertakings, affiliates or associates, or any of the directors,
officers or employees of any of them in any jurisdiction against any Indemnified
Person to recover any Loss or Claim suffered or incurred by any person and which
arises out of the carrying out by any Indemnified Person of obligations or
services in connection with this Agreement or any other agreements relating to
the Rights Issue, or in connection with the Rights Issue itself except
(otherwise than in connection with the matters referred to in Clauses 14.1(a),
(b), (c) and (d) and otherwise than as a result of a payment made or an
obligation or liability to make payment arising under Clause 14.1) to the extent
only that the Loss or Claim is determined in a final judgement by a court of
competent jurisdiction to have resulted from the fraud, bad faith, gross
negligence or wilful default of the relevant Indemnified Person.

       

      13.2           The
Company agrees that no Indemnified Person is acting as a financial adviser
(except, in the case of GSI and Merrill Lynch, solely on and subject to the
strict terms of a separate engagement letter dated the date hereof entered into
between the Company and each of them) or fiduciary to the Company or any other
person in respect of the timing, terms, structure or price of the Rights Issue,
irrespective of whether any such Indemnified Person has provided input to the
Company with respect thereto. No claim shall be made under this Agreement by the
Company, or any of its subsidiary undertakings, affiliates or associates or any
of the directors, officers or employees of any of them against any Indemnified
Person in respect of the timing, terms or structure of the Rights Issue,
including the setting of the Subscription Price at a level that is too high or
too low. Nothing in this Clause shall exclude or restrict any duty or liability
of any Indemnified Person which it has under the FSMA or arrangements for
regulating any such Indemnified Person thereunder to any extent prohibited by
those arrangements. It is acknowledged by all parties that:

       

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (a)

              	
                subject
      to compliance by the relevant Indemnified Persons with the rules of the
      FSA, the Indemnified Persons may be engaged in a broad range of
      transactions that involve interests that differ from those of the Company
      or any other person; and

              

      

       

      
        	
                (b)

              	
                except,
      in the case of GSI and Merrill Lynch, solely on and subject to the strict
      terms of a separate engagement letter dated the date hereof entered into
      between the Company and each of them, no Indemnified Person has advised
      the Company or any other person as to any general financial or strategic
      advice or any legal, tax, investment, accounting or regulatory matters in
      any jurisdiction, the Company and any other person have consulted its own
      legal, tax, investment, accounting or regulatory advisers to the extent
      they deem appropriate, and no Indemnified Person shall have any
      responsibility to the Company or any other person with respect
      thereto.

              

      

       

      13.3           Notwithstanding
any rights or claims which the Company or any of its respective subsidiary
undertakings, affiliates or associates or any of the directors, officers or
employees of any of them may have or assert against the Joint Sponsors or any of
the Underwriters in connection with this Agreement, the Rights Issue, or any of
the other arrangements contemplated by the Relevant Documents, or any of them,
or this Agreement, no claim will be brought by the Company or by any of its
respective subsidiary undertakings, affiliates or associates or any of the
directors, officers or employees of any of them against any director or any
other officer and/or employee of any Indemnified Person in respect of any
conduct, action or omission by the individual concerned in connection with this
Agreement or the Rights Issue, or any of the other arrangements contemplated by
the Relevant Documents, or any of them, or this Agreement.

       

      14.           Indemnities

       

      14.1           The
Company agrees to fully and effectively indemnify and hold harmless each
Indemnified Person (and whether or not any Loss or Claim is suffered or incurred
or arises in respect of circumstances or events existing or occurring before, on
or after the date of this Agreement and regardless of the jurisdiction in which
such Loss or Claim is suffered or incurred) from and against any and all Losses
or Claims, whatsoever, as incurred, if such Losses or Claims, arise, directly or
indirectly, out of, or are attributable to, or connected with, anything done or
omitted to be done by any person (including by the relevant Indemnified Person)
in connection with the Rights Issue, Admission or the arrangements contemplated
by the Relevant Documents or the Draft Prospectus, or any of them (or any
amendment or supplement to any of them), or this Agreement or any other
agreement relating to the Rights Issue, including but not limited
to:

       

      
        	
                (a)

              	
                any
      and all Losses or Claims whatsoever, as incurred, arising out of the
      Relevant Documents or the Draft Prospectus, or any of them (or any
      amendment or supplement to any of them) not containing or fairly
      presenting, or being alleged not to contain or not to fairly present, all
      information required to be contained therein, or arising out of any untrue
      or inaccurate statement or alleged untrue or inaccurate statement of a
      material fact contained in the

              

      

       

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

       

      Relevant
Documents or the Draft Prospectus, or any of them (or any amendment or
supplement to any of them), or the omission or alleged omission therefrom of a
fact necessary in order to make the statements therein not misleading in any
material respect, or any statement therein being or being alleged to be in any
respect not based on reasonable grounds, in the light of the circumstances in
which they were made; and/or

       

      
        	
                (b)

              	
                any
      and all Losses or Claims whatsoever, as incurred, arising out of any
      breach or alleged breach by the Company of any of its obligations,
      including any of the Warranties, covenants and undertakings set out in
      this Agreement or out of the arrangements contemplated by the Relevant
      Documents or the Draft Prospectus, or any of them (or any amendment or
      supplement to any of them) or this Agreement or any other agreement
      relating to the Rights Issue;
and/or

              

      

       

      
        	
                (c)

              	
                any
      and all Losses or Claims whatsoever, as incurred, in connection with or
      arising out of the issue, publication or distribution of the Relevant
      Documents or the Draft Prospectus, or any of them (or any amendment or
      supplement to any of them) and/or any other documents or materials
      relating to the application for Admission;
  and/or

              

      

       

      
        	
                (d)

              	
                any
      and all Losses or Claims whatsoever, as incurred, in connection with or
      arising out of any failure or alleged failure by the Company or any of the
      Directors or any of its or his agents, employees or advisers to comply
      with the Companies Acts, the FSMA, the Listing Rules, the Prospectus
      Rules, the Disclosure and Transparency Rules, the rules and regulations of
      the London Stock Exchange and the Admission and Disclosure Standards, the
      NFSA and the NYSE Euronext Rule Books or any other requirement or statute
      or regulation in any jurisdiction in relation to the application for
      Admission, the Rights Issue, or the arrangements contemplated by the
      Relevant Documents, or any of them (or any amendment or supplement to any
      of them), or this Agreement or any other agreement relating to the Rights
      Issue; and/or

              

      

       

      
        	
                (e)

              	
                any
      and all Losses or Claims whatsoever, as incurred, suffered or incurred by
      such Indemnified Person:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                as
      a person who has communicated or approved the contents of any financial
      promotion (other than the Relevant Documents or the Draft Prospectus, or
      any of them, or any amendment or supplement to any of them) made in
      connection with the Rights Issue or the application for Admission for the
      purpose of section 21 of the FSMA;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                (in
      the case of each of the Joint Sponsors only) in their capacity as sponsor
      to the Company’s application for
Admission,

              

      

       

      provided
that, the indemnity contained in this Clause 14.1 shall not apply to any
Losses or Claims (i) (otherwise than in connection with the matters referred to
in Clauses 14.1(a), (b), (c) and (d)) to the extent finally and judicially
determined to have arisen as a result of the fraud, gross negligence, bad faith
or wilful default of that Indemnified Person or (ii) if and to the
extent

       

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

       

      arising
out of a decline in market value of the Ordinary Shares suffered or incurred by
any Indemnified Person as a result of it having been required to subscribe New
Shares pursuant to Clause 9.1 save to the extent such decline is caused by or
results from or is attributable to or would not have arisen but for (in each
case directly or indirectly) the neglect or default of the Company in relation
to the content, publication, issue or distribution of the Relevant Documents or
the Draft Prospectus or any breach by the Company of any of its obligations
under this Agreement, including any of the Warranties, undertakings or
covenants.

       

      14.2           Each
Indemnified Person shall (i) give notice as promptly as reasonably practicable
to the Company of any action commenced against it after receipt of a written
notice of any Claim or the commencement of any action, claim, suit,
investigation or proceeding in respect of which a Claim for indemnification may
be sought under this Clause 14, and (ii) as promptly as reasonably practicable
notify the Company after any such action is formally commenced (by way of
service with a summons or other legal process giving information as to the
nature and basis of the claim) and shall keep the Company informed of, and, to
the extent reasonably practicable, consult with the Company in relation to, all
material developments in respect thereof, but in each case, only insofar as may
be consistent with the terms of any relevant insurance policy and provided (in
each case) that to do so would not, in such Indemnified Person’s view (acting in
good faith), be prejudicial to it (or to any Indemnified Person connected to it)
or to any obligation of confidentiality or other legal or regulatory obligation
which that Indemnified Person owes to any third party or to any regulatory
request that has been made of it. However, the failure to so notify the Company
and keep the Company informed shall not relieve the Company from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve the Company from any liability which it may have
otherwise than on account of the indemnity set out in this Clause
14.

       

      14.3           Legal
advisers for Indemnified Persons shall be selected by the relevant
Underwriter(s) connected with such Indemnified Persons. The Company may
participate at its own expense in the defence of any action commenced against it
provided however that legal advisers for the Company shall not (except with the
consent of the relevant Indemnified Person) also be legal advisers for the
Indemnified Person.

       

      14.4           In
no event shall the Company be liable for fees and expenses of more than one
legal adviser (in addition to any local legal advisers) separate from its own
legal advisers for all Indemnified Persons in connection with anyone action or
separate but similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances.

       

      14.5           The
Company shall not, without the prior written consent of the relevant Indemnified
Persons (acting in good faith), settle or compromise or consent to the entry of
any judgment with respect to any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim
whatsoever in respect of which indemnification or contribution could be
sought

       

       

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

       

       

      under
this Clause 14 or Clause 15 (whether or not the Indemnified Persons are actual
or potential parties thereto), unless such settlement, compromise or
consent:

       

      
        	
                (a)

              	
                includes
      an unconditional release of each Indemnified Person from all liability
      arising out of such litigation, investigation, proceeding or claim;
      and

              

      

       

      
        	
                (b)

              	
                does
      not include a statement as to or an admission of fault, culpability or a
      failure to act by or on behalf of any Indemnified
  Person.

              

      

       

      14.6           Each
Indemnified Person which is not a party to this Agreement will have the right,
under the Contracts (Rights of Third Parties) Act 1999, to enforce its rights
against the Company under this Clause 14 as amended from time to time, provided
that the relevant Underwriter with whom a relevant Indemnified Person is
connected (without obligation) will have sole conduct of any action on behalf of
each Indemnified Person connected to it. Save as set out above and other than in
respect of Clause 15, a person who is not a party to this Agreement has no right
under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of
this Agreement but this does not affect any right or remedy of a third party
which exists or is available apart from that Act.

       

      14.7           The
Company will promptly notify each of the Joint Sponsors and each of the
Underwriters of any limitation (whenever arising) on the extent to which the
Company and/or any of its respective subsidiary undertakings, affiliates, or
associates may claim against any third party or parties and/or of any waiver or
release of any right of the Company to so claim (each a Limitation)
in respect of anything which may arise, directly or indirectly, out of or is
based upon or is in connection with the Rights Issue, Admission or the subject
matter of the obligations or services to be performed under this Agreement or in
connection with the Rights Issue, by the Joint Sponsors or any of the
Underwriters or on its or their behalf. Where any damage or loss is suffered by
the Company for which any Indemnified Person would otherwise be jointly and
severally liable with any third party or third parties to the Company, or any of
its relevant subsidiary undertakings, affiliates, or associates, the extent to
which such damage or loss will be recoverable from the Indemnified Person shall
be limited so as to be in proportion to the contribution of the Indemnified
Person to the overall fault for such damage or loss, as agreed between the
parties, or, in the absence of agreement, as determined by a court of competent
jurisdiction, but in any event, the Indemnified Person shall have no greater
liability than if the Limitation did not apply.

       

      14.8           The
degree to which any Indemnified Person shall be entitled to rely on the work of
any adviser to the Company or any other third party will be unaffected by any
limitation (as defined in Clause 14.7) which the Company may have agreed with
any third party.

       

      14.9           The
provisions of this Clause 14 will remain in full force and effect
notwithstanding the completion of all matters and arrangements referred to in or
contemplated by this Agreement.

       

       

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

       

       

      15.           Contribution

       

      15.1           If
the indemnification provided for in Clause 14 is for any reason (including
because such indemnification would be contrary to public policy), unavailable to
or insufficient to hold harmless an Indemnified Person in respect of any Losses,
liabilities, Claims, damages or expenses referred to therein, then the Company
shall contribute to the aggregate amount of such Losses, liabilities, Claims,
damages or expenses incurred by such Indemnified Person, as
incurred:

       

      
        	
                (a)

              	
                in
      such proportion as is appropriate to reflect the relative benefits
      received by the Company on the one hand and the Underwriters and the Joint
      Sponsors on the other hand from the Rights Issue and offering of New
      Shares pursuant to this Agreement;
or

              

      

       

      
        	
                (b)

              	
                if
      the allocation provided by Clause 15.1(a) is not permitted by applicable
      law, in such proportion as is appropriate to reflect not only the relative
      benefits referred to in Clause 15.1(a) above but also the relative fault
      of the Company on the one hand and of the Underwriters and the Joint
      Sponsors on the other hand in connection with the acts or statements or
      omissions which resulted in such Losses, liabilities, Claims, damages or
      expenses, as well as any other relevant equitable
      considerations.

              

      

       

      15.2           The
relative benefits received by the Company on the one hand and the Underwriters
and the Joint Sponsors on the other hand in connection with the Rights Issue and
the offering of New Shares pursuant to this Agreement shall be deemed to be in
the same respective proportions as the total net proceeds from the offering of
New Shares pursuant to this Agreement (before deducting commissions or expenses)
received by the Company and the total fees and commissions received by the
Underwriters bear to the total gross proceeds from the offering of New
Shares.

       

      15.3           The
relative fault of the Company on the one hand and the Underwriters and the Joint
Sponsors on the other hand will be determined by reference to, among other
things, whether any such act or alleged act or untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Company or by the Underwriters and
the Joint Sponsors and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such act, statement or
omission.

       

      15.4           The
Company, the Underwriters and the Joint Sponsors agree that it would not be just
and equitable if contribution pursuant to this Clause 15 were determined by pro
rata allocation (even if the Underwriters and the Joint Sponsors were treated as
one entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to above in this Clause
15. The aggregate amount of Losses, liabilities, Claims, damages and expenses
incurred by an Indemnified Person and referred to above in this Clause 15 will
be deemed to include any legal or other expenses reasonably incurred by such
Indemnified Person in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such act
or alleged act or untrue or inaccurate or alleged untrue or inaccurate statement
or omission or alleged omission.

       

       

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

       

       

      15.5           Notwithstanding
the provisions of this Clause 15, none of the Underwriters or the Joint Sponsors
will be required to contribute any amount in excess of the underwriting
commission received by it (and which it is not liable to pay to any other
underwriter or intermediary under this Agreement or otherwise) in relation to
the New Shares underwritten, subscribed or purchased by such Underwriter or
Joint Sponsor pursuant to this Agreement.

       

      15.6           No
person guilty of negligence, wilful default, frand or fraudulent
misrepresentation (whether within the meaning of Section 11(f) of the Securities
Act or otherwise) will be entitled to contribution from any person who was not
guilty of such negligence, wilful default, fraud or fraudulent
misrepresentation.

       

      15.7           For
the purposes of this Clause 15, each Indemnified Person shall have the same
rights to contribution as the Underwriters and Joint Sponsors and the
Underwriters’ and Joint Sponsors’ respective obligations to contribute pursuant
to this Clause 15 are several, and are not joint or joint and several, in
proportion to the number of Shares shown opposite each Underwriters’ and Joint
Sponsors’ name in Schedule 6.

       

      16.           Termination

       

      16.1           If
at any time on or before Admission:

       

      
        	
                (a)

              	
                there
      has been a breach by the Company of any of the Warranties, undertakings or
      covenants respectively contained in or given pursuant to Clause 12 or any
      other provision of this Agreement or any of the Warranties contained in
      Clause 12 or Schedule 3 is not or has ceased to be, true, accurate and not
      misleading, which, in any such case, a Joint Sponsor considers, in its
      sole judgement, acting in good faith, to be (singly or in the aggregate)
      (i) material in the context of the Rights Issue or the underwriting of the
      New Shares or Admission or post-Admission dealings in the Ordinary Shares,
      and/or (ii) such as to make it impracticable or inadvisable to proceed
      with the Rights Issue, the underwriting of the New Shares or Admission;
      or

              

      

       

      
        	
                (b)

              	
                the
      Company’s application to the UK Listing Authority for admission of the New
      Shares to the Official List and/or the Company’s application to the London
      Stock Exchange for admission to trading of the New Shares on the London
      Stock Exchange’s market for listed securities and/or the Company’s
      admission to NYSE Euronext Amsterdam for admission to listing and trading
      of the New Shares on the regulated market of NYSE Euronext Amsterdam is
      withdrawn by the Company and/or refused by the UK Listing Authority or
      London Stock Exchange or NYSE Euronext Amsterdam (as appropriate);
      or

              

      

       

      
        	
                (c)

              	
                it
      shall come to the notice of a Joint Sponsor that any statement contained
      in any Relevant Document (or any amendment or supplement thereto) is or
      has become untrue, inaccurate or misleading in any respect, or any matter
      has arisen, which would, if such document had been issued at that time,
      constitute an omission from such Relevant Document (or any amendment or
      supplement to any of them), and which such Joint Sponsor considers, acting
      in good faith, to be (singly or in the aggregate) (i) material in the
      context of the Rights Issue

              

      

       

       

      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 
      

              	
                or
      the underwriting of the New Shares or Admission or post-Admission dealings
      in the Ordinary Shares and / or (ii) such as to make it impracticable or
      inadvisable to proceed with the Rights Issue, the underwriting of the New
      Shares or Admission; or

              

      

       

      
        	
                (d)

              	
                in
      the opinion of a Joint Sponsor, acting in good faith, there shall have
      been, whether or not foreseeable at the date of this Agreement, a material
      adverse change in or any development reasonably likely to result in a
      material adverse change in or affecting the condition (financial,
      operational, legal or otherwise), prospects, earnings, solvency, liquidity
      position, funding position (including, without limitation, the sources of
      funding available to the Company or any material withdrawal of retail or
      wholesale deposits from the Company or from the Group taken as a whole),
      business affairs or operations of the Group, taken as a whole, whether or
      not arising in the ordinary course of business, in each case, as a result
      of which a Joint Sponsor (acting in good faith) considers it to be
      impracticable or inadvisable to proceed with Admission, the Rights Issue
      or the underwriting of the New Shares;
or

              

      

       

      
        	
                (e)

              	
                (i)
      in the opinion of a Joint Sponsor, any matter referred to in section 87G
      of the FSMA has arisen between the publication of the Prospectus and
      Admission or (ii) any Supplementary Prospectus has been published or is
      due to be published by the Company which, in any such case, a Joint
      Sponsor considers it, in its sole judgement, acting in good faith, to be
      (singly or in the aggregate) (i) material in the context of the Rights
      Issue or the underwriting of the New Shares or Admission or post-Admission
      dealings in the Ordinary Shares and/or (ii) such as to make it
      impracticable or inadvisable to proceed with Admission, the Rights Issue
      or the underwriting of the New Shares;
or

              

      

       

      
        	
                (f)

              	
                if:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                there
      has occurred any material adverse change in the financial markets in the
      United States, the United Kingdom, any member state of the EEA or the
      international financial markets, any outbreak of hostilities or escalation
      thereof, any act of terrorism or war or other calamity or crisis or any
      change or development involving a prospective change in national or
      international political, financial or economic conditions, exchange rates
      or exchange controls, in each case in this sub-clause (i), the effect of
      which (either singly or together with any other event referred to in this
      Clause l6.1(f)) is such as to make it, in the judgement of a Joint Sponsor
      (acting in good faith), impracticable or inadvisable to proceed with
      Admission, the Rights Issue or the underwriting of the New
      Shares;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                one
      or more downgradings have occurred, resulting in an aggregate reduction of
      two or more notches in the rating accorded to the debt securities of the
      Company or any other member of the Group by any “nationally recognised
      statistical rating organisation” as that term is defined by the SEC for
      the purposes of Rule 436(g)(2) under
the

              

      

       

       

      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

       

       

      Securities
Act compared to such rating as at the date of this Agreement;

       

      
        	
                 
      

              	
                (iii)

              	
                trading
      in any securities of the Company has been suspended or materially limited
      by the London Stock Exchange, NYSE Euronext Amsterdam or the New York
      Stock Exchange on any exchange or over-the-counter market, or if trading
      generally on the American Stock Exchange, the New York Stock Exchange, the
      NASDAQ National Market, the London Stock Exchange or NYSE Euronext
      Amsterdam has been suspended or materially limited, or minimum or maximum
      prices for trading have been fixed, or maximum ranges for prices have been
      required, by any of such exchanges or by such system or by order of the
      SEC, the National Association of Securities Dealers, Inc. or any
      governmental authority, or a material disruption has occurred in
      commercial banking or securities settlement or clearance services in the
      United States or in the EEA the effect of which (either singly or together
      with any other event referred to in this Clause 16.1(f)) is such as to
      make it, in the sole judgement of a Joint Sponsor (acting in good faith)
      (i) material in the context of the Rights Issue or the underwriting of the
      New Shares or Admission or post-Admission dealings in the Ordinary Shares
      and/or (ii) such as to make it impracticable or inadvisable to proceed
      with Admission, the Rights Issue or the underwriting of the New Shares;
      or

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                a
      banking moratorium has been declared by the United States, the United
      Kingdom, a member state of the EEA, or New York authorities;
      or

              

      

       

      
        	
                 
      

              	
                (v)

              	
                there
      has occurred an adverse change or a prospective adverse change since the
      date of this Agreement in United States, United Kingdom or Netherlands
      taxation affecting the Shares or the transfer thereof or exchange controls
      have been imposed by the United States, the United Kingdom or a member
      state of the EEA, in each case in this sub-clause (v), the effect of which
      (either singly or together with any other event referred to in this Clause
      16.1(f)) is such as to make it, in the sole judgement of a Joint Sponsor
      (acting in good faith), impracticable or inadvisable to proceed with
      Admission, the Rights Issue or the underwriting of the New
      Shares;

              

      

       

      
        	
                (g)

              	
                in
      the opinion of a Joint Sponsor:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                there
      is information contained in the final form of Prospectus (or in any other
      publication or announcement issued or to be issued by the Company on or
      after the date of this Agreement but prior to or at the same time as
      publication of the Prospectus) that is not contained in the Press
      Announcement, the Previous Announcements or the Draft Prospectus;
      or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      final form of the Prospectus differs in any respect from the Draft
      Prospectus,

              

      

       

       

      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

       

       

      which, in
each case, such Joint Sponsor considers, in its sole judgement, acting in good
faith, to be (singly or in aggregate) (i) material in the context of the Rights
Issue or the underwriting of the New Shares or Admission or post-Admission
dealings in the Ordinary Shares or any of the transactions contemplated by this
Agreement and/or (ii) such as to make it impracticable or inadvisable to proceed
with Admission, the Rights Issue or the underwriting of the New
Shares,

       

      any Joint
Sponsor may, in its absolute discretion (after consultation with UBS and the
Company to the extent reasonably practicable; provided that a failure to do so
will not invalidate any notice given under this Clause 16), by notice in writing
given to the Company, terminate this Agreement, in each case except to the
extent specified in Clause 16.2.

       

      16.2           The
termination of this Agreement (save to the extent specified in this Clause 16.2)
pursuant to Clauses 2.3 and 16.1 shall be without prejudice to:

       

      
        	
                (a)

              	
                any
      claim in respect of a breach of this Agreement prior to the
      termination;

              

      

       

      
        	
                (b)

              	
                any
      obligation of the Company in respect of New Shares which have already been
      issued, subscribed and paid for, at the time of such termination;
      and

              

      

       

      
        	
                (c)

              	
                the
      provisions of Clauses 1, 10, 11, 12, 13, 14, this Clause 16.2, and Clauses
      20 to 29 (inclusive), which will continue to
  apply.

              

      

       

      17.           Withholding
and Grossing Up

       

      17.1           All
sums payable by the Company to the Underwriters, the Joint Sponsors or any other
Indemnified Person (for the purposes of this Clause 17 only, each a payee)
under this Agreement shall be paid in pounds sterling free and clear of all
deductions or withholdings unless the deduction or withholding is required by
law, in which event the Company shall pay such additional amount as shall be
required to ensure that the net amount received by the payee will equal the full
amount which would have been received by it had no such deduction or withholding
been required to be made.

       

      17.2           If
the United Kingdom HM Revenue & Customs or any other tax authority brings
into charge to tax any sum paid to a payee under this Agreement, other than
payment of commission under Clause 10, (including in circumstances where any
relief is available in respect of such charge to tax), then the Company shall
pay such additional amount as shall be required to ensure that the total amount
paid, less the tax chargeable on such amount (or that would be so chargeable but
for such relief), is equal to the amount that would otherwise be payable under
this Agreement. This Clause 17.2 shall apply in respect of any additional amount
paid pursuant to Clause 17.1 as it applies to other amounts paid to the
payee.

       

      18.           Miscellaneous

       

      18.1           For
the avoidance of doubt, the Company acknowledges and agrees that it is
responsible for any due diligence carried out in relation to the Rights Issue
and that

       

       

      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

       

       

      neither
the Underwriters nor the Joint Sponsors nor any of their advisers shall be
responsible to the Company or any Director for any due diligence in relation
thereto or for verifying the accuracy or fairness of any information published
by or on behalf of the Company in connection with the Rights Issue unless it or
they have agreed in writing to take specific responsibility for such due
diligence or verification.

       

      18.2           The
Company agrees that for the purpose of the Rights Issue (including for the
purposes of seeking to procure any sub-underwriters for the New Shares) and of
obtaining Admission, none of the Underwriters nor the Joint Sponsors shall be
responsible for the provision of or obtaining advice as to the requirements of
any applicable laws or regulations of any jurisdictions nor shall any such
person be responsible where it or the Company has acted in the absence of such
advice or in reliance on any advice obtained by the Company in respect
thereof.

       

      18.3           The
Company acknowledges that the representations, warranties, undertakings and
indemnities contained in this Agreement are given to the Underwriters and the
Joint Sponsors in connection with Admission and the Rights Issue in each case
whether in their capacities as underwriters, financial advisers or sponsor and
references in this Agreement to Underwriter and Joint Sponsor shall be construed
accordingly.

       

      18.4           Notwithstanding
that each of the Underwriters may act as the Company’s agent in connection with
the Rights Issue, each of such persons and its agents may:

       

      
        	
                (a)

              	
                receive
      and keep for its own benefit any commissions, fees, brokerage or other
      benefits paid to or received by it in connection with the Rights Issue,
      and shall not be liable to account to the Company for any such
      commissions, fees, brokerage or other benefits;
  and

              

      

       

      
        	
                (b)

              	
                keep
      or deal in any New Shares for which it may subscribe for its own use and
      benefit.

              

      

       

      18.5           For
the avoidance of doubt, the obligations of each of the Underwriters and each of
the Joint Sponsors under this Agreement are separate, not joint or joint and
several. Each of the Underwriters and each of the Joint Sponsors shall (except
as otherwise agreed among them) have the right to protect and enforce each of
its rights without joining any of the others in any proceedings.

       

      18.6           The
Company acknowledges and agrees that each of the Underwriters and each of the
Joint Sponsors are acting solely pursuant to a contractual relationship with the
Company on an arm’s length basis with respect to the Rights Issue (including in
connection with determining the terms of the Rights Issue) and not, in relation
to the Rights Issue, as a financial advisor (except, in the case of GSI and
Merrill Lynch, solely on and subject to the strict terms of a separate
engagement letter dated the date hereof entered into between the Company and
each of them) or a fiduciary to the Company or any other person provided however
that this shall not exclude or restrict any duty or liability that any of them
have under FSMA or arrangements for regulating any of them thereunder to any
extent prohibited thereby.

       

       

      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

       

       

      18.7           No
variation of this Agreement shall be valid unless it is in writing and signed by
or on behalf of each of the Joint Sponsors, the Underwriters and the
Company.

       

      19.           Receiving
Agent

       

      The
Company confirms that it has instructed the Receiving Agent to act as receiving
agent in connection with the Rights Issue and the EGM and as Registrar in
relation to the Nil Paid Rights and the Fully Paid Rights and to perform the
obligations assigned to it under the Prospectus, the Form of Proxy, the
Provisional Allotment Letters and this Agreement as receiving
agent.

       

      20.           Time
of the essence

       

      Any time,
date or period mentioned in this Agreement may be extended by mutual agreement
between the Company and the Underwriters and the Joint Sponsors but as regards
any time, date or period originally fixed, or any time, date or period so
extended, time shall be of the essence.

       

      21.           Waiver

       

      21.1           Any
right or remedy of the Company and the Underwriters and/or the Joint Sponsors
under this Agreement shall only be waived or varied by an express waiver or
variation in writing.

       

      21.2           No
failure or delay by the Company or the Underwriters and/or the Joint Sponsors in
exercising any right or remedy under this Agreement shall impair such right or
remedy or operate or be construed as a waiver or variation of the right or
remedy or preclude its exercise at any subsequent time. No single or partial
exercise of any such right or remedy shall preclude any other or further
exercise of such right or remedy or the exercise of any other right or remedy.
The rights, powers and remedies of the Company, the Underwriters and/or the
Joint Sponsors provided in this Agreement are cumulative and not exclusive of
any rights, powers and remedies provided by law.

       

      22.           Third
party rights

       

      22.1           Each
Indemnified Person shall have the right under the Contracts (Rights of Third
Parties) Act 1999 to enforce its rights against the Company under Clause 13
provided that GSI (without obligation) will have the sole conduct of any action
to enforce such rights on behalf of GSI Indemnified Persons, Merrill Lynch
(without obligation) will have the sole conduct of any action to enforce rights
on behalf of Merrill Lynch Indemnified Persons, UBS (without obligation) will
have the sole conduct of any action to enforce such rights on behalf of UBS
Indemnified Persons and each other Underwriter (without obligation) will have
the sole conduct of any action to enforce such rights on behalf of that
Underwriter’s Other Underwriters Indemnified Persons.

       

      22.2           Except
as provided in Clause 22.1, a person who is not a party to this Agreement has no
rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any
term of this Agreement. The Underwriters, the Joint Sponsors and
the

       

       

      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

       

       

      Company
may agree to terminate this Agreement or vary any of its terms without the
consent of any Indemnified Person or any other third party. The Joint Sponsors
and the Underwriters will have no responsibility to any Indemnified Person or
any other third party under or as a result of this Agreement.

       

      23.           Severability

       

      If any
provision of this Agreement is or is held to be invalid or unenforceable, then
so far as it is invalid or unenforceable it has no effect and is deemed not to
be included in this Agreement. This shall not invalidate any of the remaining
provisions of this Agreement. The parties shall use all reasonable endeavours to
replace any invalid or unenforceable provision by a valid provision the effect
of which is as close as possible to the intended effect of the invalid or
unenforceable provision.

       

      24.           Notices

       

      24.1           Any
notice to be given under, or in connection with, this Agreement shall be in
writing and be signed by or on behalf of the party giving it. It shall be served
by sending it by fax to the number set out in Clause 24.2 or by delivering it by
hand, or sending it by pre-paid recorded delivery, special delivery or
registered post, to the address set out in Clause 24.2 marked for the attention
of the relevant party (or as otherwise notified from time to time under this
Agreement).

       

      Any
notice so served shall be deemed to have been duly received:

       

      
        	
                (a)

              	
                in
      the case of delivery by hand, when
delivered;

              

      

       

      
        	
                (b)

              	
                in
      the case of fax, at the time of transmission;
  and

              

      

       

      
        	
                (c)

              	
                in
      the case of pre-paid recorded delivery, special delivery or registered
      post, on the Dealing Day following the date of
  posting;

              

      

       

      provided
that if delivery by hand or fax occurs on a day which is not a Dealing Day or
after 6.00 p.m. on a Dealing Day, service shall be deemed to occur at 9.00 a.m.
on the following Dealing Day.

       

      24.2           For
the purposes of Clause 24.1, the fax numbers and addresses of each of the
Underwriters and the Joint Sponsors are set out in Schedule 6 and the fax
numbers and addresses of the Company and RBS are:

       

      
        	
                The
      Company:

              	
                RBS
      Gogarburn

              

      

      
        	
                 
      

              	
                Edinburgh

              

      

      
        	
                 
      

              	
                EH12
      1HQ

              

      

       

      
        	
                 
      

              	
                Fax
      number: 0131 557 3607

              

      

       

      
        	
                 
      

              	
                For
      the attention of: Miller McLean

              

      

       

      
        	
                RBS

              	
                RBS
      Gogarburn

              

      

      
        	
                 
      

              	
                Edinburgh

              

      

       

       

      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

       

       

      EH12
1HQ

       

      Fax
number: 0131 557 3607

       

      For the
attention of: Miller McLean

       

      25.           Further
Assurances

       

      The
Company shall register the New Shares in the names of the successful applicants,
and shall provide, and shall procure that the Directors shall provide, all
information and assistance that the Underwriters and the Joint Sponsors may
reasonably require for the purposes of this Agreement and execute (or procure to
be executed) each document and do (or procure to be done) each act and thing
that an Underwriter/or a Joint Sponsor may reasonably request in order to give
effect to the Rights Issue or Admission.

       

      26.           Assignment

       

      No party
may assign, or purport to assign: (i) this Agreement; (ii) all or any of their
respective rights or obligations arising under or out of this Agreement; or
(iii) the benefit of all or any of the other Parties’ obligations under this
Agreement.

       

      27.           Entire
Agreement

       

      This
Agreement (together with, in the case of GSI and Merrill Lynch only, the
separate engagement letter referred to in Clause 13.2 and only then in respect
of the strict terms of such engagement letter as regards the provision of
certain financial advice specified therein relating to the structuring of the
Rights Issue and, in the case of RBS only, any engagement letter to be agreed
between RBS and the Company in relation to Hoare Govett Limited performing
bookrunning services for RBS) constitutes the entire agreement between the
parties relating to the subject matter of this Agreement and supersedes and
replaces all agreements, understandings, undertakings, representations,
warranties and arrangements of any nature whatsoever between the parties
relating to the subject matter of this Agreement.

       

      28.           Counterparts

       

      This
Agreement may be executed by any one or more of the parties hereto in any number
of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument.

       

      29.           Governing
law

       

      29.1           This
Agreement and the relationship among the parties to it shall be governed by and
interpreted in accordance with English law.

       

      29.2           All
parties to this Agreement agree that the courts of England are (subject to
Clause 29.3(a)) to have exclusive jurisdiction to settle any dispute (including
claims for set-off and counterclaims) which may arise out of or is in connection
with the creation, validity, effect, interpretation or performance of, or of
legal relationships established by, this Agreement or otherwise arising out of
or is in connection with this

       

       

      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

       

       

      Agreement
and for such purposes irrevocably submit to the exclusive jurisdiction of the
English courts.

       

      29.3           Notwithstanding
the provisions of Clause 29.2, in the event that any Underwriter or Joint
Sponsor or any of such Underwriter’s or Joint Sponsor’s Indemnified Persons
becomes subject to proceedings brought by a third party (the Foreign
Proceedings) in the courts of any country other than England (including,
without prejudice to the generality of the foregoing, in any court of competent
jurisdiction in the United States) (the Foreign
Jurisdiction), such Underwriter or Joint Sponsor shall be entitled,
without objection by the Company, either:

       

      
        	
                (a)

              	
                to
      join the Company and/or any other person to the Foreign Proceedings;
      and/or

              

      

       

      
        	
                (b)

              	
                to
      bring separate proceedings for any breach of this Agreement and/or for a
      contribution or an indemnity against the Company and/or any other person
      in the Foreign Jurisdiction, provided that such separate proceedings arise
      out of or are in connection with the subject matter of the Foreign
      Proceedings.

              

      

       

      29.4           Each
of the parties to this Agreement irrevocably waives any objection to the
jurisdiction of any courts referred to in this Clause 29.

       

      29.5           Each
party to this Agreement irrevocably agrees that a judgment and/or order of any
court referred to in this Clause 29 based on any matter arising out of or in
connection with this Agreement (including but not limited to the enforcement of
any indemnity) shall be conclusive and binding on it and may be enforced against
it in any other jurisdiction, whether or not (subject to due process having been
served on it) it participates in the relevant proceedings.

       

      29.6           
Each of the parties with an address outside England shall at all times maintain
an agent for service of process and any other documents and proceedings in
England or any other proceedings in connection with this Agreement. Such agent
shall be the London office of the Company, at 280 Bishopsgate, London and any
writ, judgment or other notice of legal process shall be sufficiently served on
the relevant party if delivered to such agent at its address for the time being.
Each of the parties with an address outside England irrevocably undertakes not
to revoke the authority of the above agent and if, for any reason, the Joint
Sponsors or the Underwriters (for themselves or on behalf of the Indemnified
Persons) requests such party to do so it shall promptly appoint another such
agent with an address in England and advise each of them. If, following such
request, the relevant party fails to appoint another agent, the Joint Sponsor or
the Underwriters shall be entitled to appoint one on the relevant party’s behalf
and at such party’s expense.

       

      29.7           The
Company agrees to appoint an agent for service of process in any Foreign
Jurisdiction other than England in which any other party is subject to legal
suit, action or proceedings based on or arising under this Agreement within 14
days of receiving written notice of such legal suit, action or proceedings and
the request to appoint such agent for service. In the event that the Company
does not appoint such an agent within 14 days of the notice requesting it to do
so, such other party may appoint a commercial agent for service for the Company
on the Company’s behalf and at the

       

       

      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

       

       

      Company’s
expense and the Company agrees that subject to being notified of such
appointment in writing, service upon such commercial agent will constitute
service upon the Company.

       

      In witness
whereof this Agreement has been duly executed under hand by the Company,
RBS, each Underwriter and the Joint Sponsors or its duly authorised attorneys
the day and year first above written.

       

       

       

      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

       

       

      SCHEDULE
1

       

      NEW
SHARES TAKEN UP

       

      References
in this Schedule to the Prospectus are to the draft of the Prospectus dated 21
April 2008 and the parties acknowledge that amendments may need to be made to
this Schedule to reflect the final Prospectus

       

      1.           Subject
to paragraph 2 below, in this schedule MTM instruction means a
many-to-many instruction which:

       

      
        	
                (a)

              	
                on
      its settlement has the effect as described in paragraph 2.2.2 of Part III
      of the Prospectus;

              

      

       

      
        	
                (b)

              	
                has
      been properly authenticated in accordance with Euroclear’s specifications
      as referred to in that paragraph;
and

              

      

       

      
        	
                (c)

              	
                contains
      the information required by that
paragraph.

              

      

       

      2.           The
Company may in its sole discretion treat an MTM instruction which constitutes a
properly authenticated dematerialised instruction (the first
instruction) as not constituting a valid acceptance in accordance with
paragraph 2.2.2(vii)(d) of Part III of the Prospectus if at the time at which
the Registrar receives a properly authenticated dematerialised instruction
giving details of the first instruction, the Company or the Registrar has
received actual notice from Euroclear of any of the matters specified in
regulation 35(5)(a) of the Regulations in relation to the first
instruction.

       

      3.           A
New Share shall, for the purposes of this Agreement, be treated as having been
taken
up if:

       

      
        	
                (a)

              	
                the
      New Share in nil paid form is in certificated form and the following
      requirements have been satisfied by 11.00 a.m. on the Acceptance
      Date:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                a
      Provisional Allotment Letter relating to that New Share has been lodged
      for acceptance by the person to whom it was provisionally allotted or by a
      renouncee of the right to accept allotment together with a cheque or other
      remittance for the full amount payable in respect of that New Share, in
      accordance with the terms of the Prospectus and the Provisional Allotment
      Letter (or the Company exercises any discretion it has in the Prospectus
      to treat the Provisional Allotment Letter as binding notwithstanding it
      does not meet these requirements);
and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Company has not, with the Underwriters’ and Joint Sponsors’ consent,
      rejected the Provisional Allotment Letter for any reason;
    and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      Receiving Agent has not been notified that the cheque or other remittance
      has not been accepted by the drawee on first
  presentation.

              

      

       

       

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

       

       

      
        	
                (b)

              	
                the
      New Share in nil paid form is in uncertificated form
  and:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                an
      MTM instruction in respect of those New Shares settles by 11.00 a.m. on
      the Acceptance Date; or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                an
      MTM instruction in respect of those New Shares constitutes a valid
      acceptance in accordance with paragraph 2.2.2 of Part III of the
      Prospectus and settles by 2.00 p.m. on the Acceptance Date;
    or

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      following has occurred:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                an
      MTM instruction in respect of those New Shares constitutes a valid
      acceptance in accordance with paragraph 2.2.2 of Part III of the
      Prospectus; and

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      MTM instruction has not settled by 2.00 p.m. on the Acceptance Date (or by
      such later time or date as the Company and the Underwriters and Joint
      Sponsors decide); and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                the
      Company is not entitled to assume, in accordance with sub-paragraph (vii)
      of paragraph 2.2.2 of Part III of the Prospectus, that there has been a
      breach of any of the representations, warranties or undertakings set out
      or referred to in sub-paragraph (iv) of paragraph 2.2.2 of Part III of the
      Prospectus because it is aware of a reason outside the control of the
      CREST member or CREST sponsor that sent the MTM instruction for its
      failure to settle; or

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                the
      following has occurred:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                an
      MTM instruction in respect of those New Shares constitutes a valid
      acceptance in accordance with paragraph 2.2.2 of Part III of the
      Prospectus;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      MTM has not settled by 2.00 p.m. on the Acceptance Date (or by such later
      time or date as the Company and the Underwriters decide);
    and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                the
      Company is entitled to assume, in accordance with sub-paragraph (vii) of
      paragraph 2.2.2 of Part III of the Prospectus, that there has been a
      breach of any of the representations, warranties or undertakings set out
      or referred to in sub-paragraph (iv) of paragraph 2.2.2 of Part III of the
      Prospectus because it is not aware of a reason outside the control of the
      CREST member or CREST sponsor that sent the MTM instruction for its
      failure to settle; but

              

      

       

      
        	
                 
      

              	
                (D)

              	
                the
      Company nevertheless exercises its discretion to treat as valid the
      acceptance constituted by the MTM instruction;
  or

              

      

       

       

      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 
      

              	
                (v)

              	
                an
      MTM instruction in respect of those New Shares does not constitute a valid
      acceptance in accordance with paragraph 2.2.2 of Part III of the
      Prospectus but the Company nevertheless exercises its discretion to treat
      as valid the acceptance constituted by the MTM instruction;
    or

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                a
      Director has irrevocably undertaken to the Company to subscribe for such
      New Share.

              

      

       

      4.           For
the avoidance of doubt the Underwriters have no liability or obligation under
this Agreement in relation to any New Shares if the New Shares in nil paid form
are in certificated form and:

       

      
        	
                (a)

              	
                the
      Receiving Agent has determined in relation to an acceptance of any
      Provisional Allotment Letter by 11.00 a.m. on the Acceptance Date that
      there has been a failure to satisfy the verification of identity
      requirements for the purposes of the Money Laundering Regulations 2003 or
      the Money Laundering Regulations 2007, as applicable, in the manner
      contemplated in the Prospectus Press Announcement, the Prospectus and the
      Provisional Allotment Letter; or

              

      

       

      
        	
                (b)

              	
                the
      cheque or other remittance returned with the relevant Provisional
      Allotment Letter(s) relating to such New Shares is dishonoured after 11.00
      a.m. on the Acceptance Date unless the underwriters have each been
      notified that the cheque or other remittance has been dishonoured prior to
      the Receiving Agent informing the Underwriters of the number of New Shares
      not taken up.

              

      

       

      5.           If
(but only if) the parties so agree, New Shares will be deemed to have been taken
up by 11.00 a.m. on the Acceptance Date if the New Shares in nil paid form are
in certificated form and:

       

      
        	
                (a)

              	
                a
      cheque or other remittance for the full amount payable in respect of those
      New Shares (and whether or not the cheque or other remittance is honoured)
      is received by 11.00 a.m. on the Acceptance Date from an authorised person
      (as defined in the FSMA) identifying those New Shares and agreeing to
      lodge the relevant Provisional Allotment Letter properly completed in due
      course; or

              

      

       

      
        	
                (b)

              	
                the
      relevant Provisional Allotment Letter and a cheque or other remittance for
      the full amount payable in respect of those New Shares (and whether or not
      the cheque or other remittance is honoured) are received by 11.00 a.m. on
      the first Dealing Day after the Acceptance Date by post and the cover
      bears a legible postmark of not later than 11.00 a.m. on the Acceptance
      Date.

              

      

       

      6.           If
the parties decide to extend the time for settlement of MTM instructions in
accordance with paragraphs 3(b)(iii)(B) or 3(b)(iv)(B) the Company shall
forthwith ask Euroclear not to disable the Nil Paid Rights until the end of that
extension.

       

      7.           As
soon as practicable after 11.00 a.m. on the Acceptance Date and by not later
than 2.30 p.m. on the Acceptance Date, the Company shall, following

       

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

       

       

      consultation
with the Underwriters, exercise its discretion in paragraphs 3(b)(iv)(D) and
3(b)(v) of this Schedule 1 reasonably.

       

      8.           If
the Company accepts:

       

      
        	
                (a)

              	
                an
      alternative properly authenticated dematerialised instruction from a CREST
      member or (where applicable) a CREST sponsor in accordance with
      sub-paragraph (vii)(c) of paragraph 2.2.2 of Part III of the Prospectus;
      or

              

      

       

      
        	
                (b)

              	
                an
      alternative instruction or notification from a CREST member or CREST
      sponsored member or (where applicable) a CREST sponsor in accordance with
      sub-paragraph (vii)(e) of paragraph 2.2.2 of Part III of the
      Prospectus,

              

      

       

      as
constituting a valid acceptance in respect of any New Shares, those New Shares
are deemed to have been taken up.

       

       

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

       

       

      SCHEDULE
2

       

      DELIVERY
OF DOCUMENTS

       

      Part
A

       

      Before
the Press Announcement is released the Company shall deliver the following
documents to the Joint Sponsors and each of the Underwriters:

       

      1.           A
certified copy of the Memorandum and Articles of Association of the
Company.

       

      2.           A
certified copy of the resolution of the Board of Directors (or of the duly
authorised Committee of such Board) approving and authorising the issue and/or
execution of the Press Announcement and this Agreement (and, if the said
resolution is of such a Committee, a certified copy of the resolution of the
Board of Directors appointing such Committee).

       

      3.           The
verification materials prepared in connection with the Press Announcement and
copies of all evidence supporting answers in the notes.

       

      4.           Certified
copies of the Press Announcement.

       

      Part
B

       

      On or
prior to publication of the Prospectus, the Company shall deliver to each Joint
Sponsor and each Underwriter:

       

      1.           A
copy of the Circular and Prospectus bearing evidence of the formal approval of
the UK Listing Authority, pursuant to the Listing Rules and the Prospectus
Rules.

       

      2.           A
copy of the passporting statement for the Prospectus issued by the UK Listing
Authority to the Netherlands Authority for Financial Markets, the AMF in France,
the BaFIN in Germany and the CMNV in Spain.

       

      3.           A
completed ‘Form A’, to be submitted to the FSA in accordance with paragraph
3.1.1(1) of the Prospectus Rules for approval of a prospectus in accordance with
Part VI of the FSMA.

       

      4.           Three
original letters in the form to be agreed to the Underwriters from the Company
to be dated the date of the Prospectus, addressing the following: (i) paragraphs
8.3.4, 8.4.8 and 8.4.9 and 8.4.12 and 8.4.13 of the Listing Rules, (ii) the fact
that there has been no significant change in the financial and trading position,
including the indebtedness position, of the Group and ABN Amro since the
Accounts Date, and (iii) the adequacy of the Company’s working capital, duly
signed by the Company.

       

       

      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

       

       

      5.           Three
original letters in the form to be agreed to the Underwriters from the Company’s
Counsel to be dated the date of the Prospectus, relating to paragraphs 8.3.4,
8.4.8 and 8.4.9 and 8.4.12 and 8.4.13 of the Listing Rules.

       

      6.           Three
original letters in the form to be agreed to the Underwriters signed by each of
the Directors authorising the publication of the Prospectus, accepting
responsibility for information contained in the Prospectus and any Supplementary
Prospectus and acknowledging their understanding of their responsibilities under
the UK Listing Rules and the Disclosure Rules and Transparency Rules in
accordance with paragraph 8.3.4 of the UK Listing Rules.

       

      7.           An
original or certified copy of the Verification Materials dated the date of the
Prospectus.

       

      8.           A
certified copy of the minutes of the meetings of the Board, or a duly authorised
committee thereof, approving the Relevant Documents, this Agreement, the
Verification Materials and (where appropriate) the other documents referred to
in this Agreement and authorising the steps to be taken by the Company in
connection with the Rights Issue, including the execution, delivery and
performance of this Agreement, in the agreed form.

       

      9.           An
original or certified copy of the Working Capital Report, including an opinion
confirming the adequacy of the Company’s working capital, duly signed by the
Auditors, in the form to be agreed, and dated the same date as the
Prospectus.

       

      10.           Three
original letters in the form to be agreed duly signed by the Company’s Auditors
in relation to paragraphs 8.4.8(1), 8.4.8(2) and 8.4.9(3), 8.4.12 and 8.4.13 of
the UK Listing Rules.

       

      11.           Three
original copies of the pro forma financial information report in the form to be
agreed duly signed by the Company’s Auditors and dated the date of the
Prospectus.

       

      12.           Three
original copies of the report in the form to be agreed duly signed by the
Company’s Auditors on the reconciliation of ABN Amro’s financial statements
dated the date of the Prospectus.

       

      13.           Three
original letters in the form to be agreed duly signed by the Auditors and dated
the same date as the Prospectus:

       

      
        	
                (a)

              	
                in
      relation to the capital resources table and capital and indebtedness
      statement included in the
Prospectus;

              

      

       

      
        	
                (b)

              	
                confirming
      the correct extraction of financial information contained in the
      Prospectus; and

              

      

       

      
        	
                (c)

              	
                relating
      to the statement in the Prospectus that there has been no significant
      change in the financial and trading position (including indebtedness) of
      the Group and of the ABN Amro
Group.

              

      

       

       

      
        
          
          

        

        
          52

          
            

          

        

        
          
          

        

      

       

       

      14.           Three
original letters in the form to be agreed duly signed by the Auditors dated the
same date as the Prospectus consenting to the inclusion of the pro forma
financial information report and of references thereto in the form and context
in which they appear in the Prospectus.

       

      15.           Three
originals of a SAS 72 letter and SAS 72 “lookalike” letter duly signed by the
Auditors and dated the same date as the Prospectus.

       

      16.           Three
originals of a letter duly signed by Ernst & Young LLP, auditors to ABN Amro
with respect to the financial information of ABN Amro incorporated by reference
in the Prospectus and the 28 Day Information in the agreed form and dated the
same date as the Prospectus.

       

      17.           An
original of a signed Rule 10b-5 disclosure letter of Company’s Counsel dated the
same date as the Prospectus.

       

      18.           An
original of a signed Rule 10b-5 disclosure letter of Freshfields Bruckhaus
Deringer dated the same date as the Prospectus.

       

      19.           Three
originals of a signed “no registration” opinion and an opinion in relation to
United States taxation of Company’s Counsel dated the same date as the
Prospectus.

       

      20.           Three
originals of a signed “no registration” opinion of Freshfields Bruckhaus
Deringer dated the same date as the Prospectus.

       

      21.           A
certified copy of each of the other documents stated in the Prospectus and
Circular as being available for inspection.

       

      22.           A
certified copy of the minutes of the meeting of the Board appointing any
committee such as is referred to in point 8 above.

       

      23.           A
copy of the Form of Proxy.

       

      24.           A
copy of the Provisional Allotment Letter.

       

      25.           Three
copies of an unsigned opinion of Company’s Counsel, as English legal advisers to
the Company, in the form to be agreed dated the same date as the
Prospectus.

       

      26.           Three
copies of an unsigned opinoin of Company’s Scottish counsel, as Scottish legal
advisers to the Company, in the form to be agreed dated the same date as the
Prospectus.

       

      27.           Three
copies of an unsigned opinion of Freshfields Bruckhaus Deringer, as English
legal advisers to the Underwriters, dated the same date as the
Prospectus.

       

      28.           Memorandum
of advice reminding the Directors of their responsibilities as directors of a
listed company.

       

       

      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

       

       

      29.           An
original letter in the form of Schedule 4 of the Underwriting Agreement signed
by a director or secretary of the Company authorised to do so.

       

      The Joint
Sponsors may, in their absolute discretion, elect that delivery of any of the
documents referred to in this Part B of Schedule 2 may be deferred and in lieu
of any such delivery require delivery of the relevant document in a form
reasonably satisfactory to them at a later time specified by the Joint
Sponsors.

       

      Part
C

       

      1.           Joint
Sponsors’ Declaration to the FSA as required by Listing Rule 8.4.9 and
8.4.13

       

      2.           Declaration
as required by Listing Rule 8.7.12 relating to independence of the Joint
Sponsors.

       

      3.           An
original letter in the form to be agreed from each of the Joint Sponsors to the
Company duly signed by the relevant Joint Sponsor consenting to the issue of the
Prospectus with the inclusion therein of the references to their names in the
form and context in which they appear, and dated the same date as the
Prospectus.

       

      Part
D

       

      Following
the passing of the Resolution, and prior to Admission, the Company shall deliver
to the Joint Sponsors and the Underwriters:

       

      1.           A
copy of the signed application for admission of the New Shares to the Official
List certified by a Director or the Secretary of the Company.

       

      2.           A
copy of the signed application for admission to trading issued by the London
Stock Exchange certified by a Director or the Secretary of the Company (Form 1
of the Admission and Disclosure Standards).

       

      3.           A
copy of the signed application for admission to listing and trading of the New
Shares on the regulated market of NYSE Euronext Amsterdam.

       

      4.           A
copy of the security application forms in respect of the Ordinary Shares, Nil
Paid Rights and the Fully Paid Rights that have been given to
Euroclear.

       

      5.           A
certified copy of the Resolution and any other ordinary or special resolutions
of the Company in general meeting authorising the Directors under section 80 of
the Companies Act to allot the New Shares.

       

      6.           A
certified copy of the resolution of the Board provisionally allotting the New
Shares as referred to in Clause 6.1 of the Underwriting Agreement and approving
and authorising the despatch or publication of the Provisional Allotment
Letters.

       

      7.           Three
originals of a signed opinion of Company’s Counsel, as English legal advisers to
the Company, in the form to be agreed dated the same date as
Admission.

       

       

      
        
          
          

        

        
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      8.           An
original of a signed Rule 10b-5 bring down disclosure letter of Company Counsel
in the form to be agreed dated the date of Admission.

       

      9.           An
original of a signed Rule 10b-5 bring down disclosure letter of Freshfields
Bruckhaus Deringer in the form to be agreed dated the date of
Admission.

       

      10.           Three
originals of a signed bring-down letter of the Auditors in the agreed
form.

       

      11.           Three
originals of a bring down SAS 72 letter and SAS 72 “lookalike” letter duly
signed by the Auditors.

       

      12.           A
certified copy of the CREST enablement letter confirming that the conditions for
admission of the New Shares to CREST are satisfied.

       

      13.           An
original letter in the form of Schedule 4 of the Underwriting Agreement signed
by a director or secretary of the Company authorised to do so.

       

      14.           Three
originals of a bring-down letter duly signed by Ernst & Young LLP, auditors
to ABN Amro with respect to the financial information of ABN Amro incorporated
by reference in the Prospectus and the 28 Day Information in the agreed form and
dated the same date as Admission.

       

      15.           Three
originals of a signed bring-down “no registration” opinion of Freshfields
Bruckhaus Deringer dated the same date as Admission.

       

      16.           Three
originals of a signed bring-down “no registration” opinion and an opinion in
relation to United States taxation of Company’s Counsel dated the same date as
Admission.

       

      17.           Three
originals of a signed opinion of Company’s Scottish counsel, as Scottish legal
advisers to the Company, in the agreed form dated the same date as
Admission.

       

      18.           Three
originals of a signed opinion of Freshfields Bruckhaus Deringer, as English
legal advisers to the Underwriters, dated the same date as
Admission.

       

       

       

      
        
          
          

        

        
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      SCHEDULE
3

       

      REPRESENTATIONS,
WARRANTIES AND UNDERTAKINGS

       

      1.           Compliance

       

      1.1           Each
Group company has been duly incorporated and is validly existing as a company
with limited liability under the laws of the country of its incorporation with
full corporate power and authority to own, lease and operate the properties
which it owns, leases and operates and to own its other assets and carry on its
business as presently carried on and as intended to be carried on as described
in the Draft Prospectus and, when published, the Prospectus.

       

      1.2           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
each Group company has conducted its business in all material respects in
accordance with all applicable laws and regulations of the United Kingdom and
all relevant foreign countries or authorities, and there is no order, decree or
judgment of any court or any governmental or other competent authority or agency
of the United Kingdom or any foreign country outstanding against any Group
company or any person for whose acts any Group company is vicariously liable
which in any of the foregoing cases would, or would be reasonably likely to, be
(singly or in the aggregate) material in the context of the Rights Issue, the
underwriting of the New Shares, Admission or post-Admission dealings in the
Ordinary Shares.

       

      1.3           All
licences, permissions, authorisations and consents which are material for
carrying on the business of the Group have been obtained and are in full force
and effect and, so far as the Company is aware, there are no circumstances which
might lead to any of such licences, permissions, authorisations and consents
being revoked, suspended, varied or refused renewal to an extent which would, or
would be reasonably likely to, be (singly or in the aggregate) material in the
context of the Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealing in the Ordinary Shares.

       

      1.4           All
sums due in respect of the issued share capital of the Company at the date of
this Agreement have been paid to and received by the Company. None of the owners
or holders of any of the share capital of the Company shall, with effect from
Admission, have any rights, in his capacity as such, in relation to the Group
other than as set out in the memorandum and articles of association of the
Company.

       

      1.5           The
Company is the beneficial owner free from all Adverse Interests of the shares it
holds in each Material Subsidiary.

       

      1.6           The
Company and the Directors have at all times complied with the provisions of the
Company’s memorandum and articles of association and the Companies Act and,
subject to the passing of the Resolution, have or will have the right, power and
authority under the memorandum and articles of association of the Company, or
pursuant to resolution passed in general meeting, to enter into and perform this
Agreement (including, without limitation, the power to pay commissions, fees,
costs and expenses provided for in this Agreement), to make the Rights Issue, to
allot and

       

       

      
        
          
          

        

        
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      issue the
New Shares in certificated and uncertificated form, to issue the Relevant
Documents in the manner proposed without any sanction or consent by members of
the Company or any class of them and, subject to Admission, there are no other
consents, authorisations or approvals required by the Company in connection with
the entering into and the performance of this Agreement and the actions referred
to in this paragraph 1.6 which have not been irrevocably and unconditionally
obtained. The Company’s existing Ordinary Shares are participating securities
in, and have not been suspended from, CREST.

       

      1.7           The
allotment and issue of the New Shares, the Rights Issue, the issue and
distribution of the Relevant Documents and any other document by or on behalf of
the Company in connection with Admission or the Rights Issue will comply with
all agreements to which any Group company is a party or by which any such Group
company is bound and will comply with (a) all applicable laws and regulations of
the United Kingdom (including, without limitation, the Act, the FSMA, Listing
Rules, the Prospectus Rules, the Disclosure Rules and Transparency Rules, the
Admission and Disclosure Standards) and all applicable United States and Dutch
laws and regulations and (in all material respects) with, all applicable laws
and regulations of any relevant jurisdiction; (b) the memorandum and articles of
association of the Company; and (c) the Working Capital Report; and will not
exceed or infringe any restrictions or the terms of any contract, indenture,
security, obligation, commitment or arrangement by or binding upon the board of
directors of any Group company or their respective properties, revenues or
assets or result in the implementation of any right of pre-emption or any other
material provision thereof, or result in the imposition or variation of any
material rights or obligations of any Group company.

       

      1.8           The
Relevant Documents contain, or will when published contain, all particulars and
information required by, and comply, or will when published comply, in all
respects with the memorandum and articles of association of the Company, the
Companies Act, the FSMA, the Listing Rules, the Disclosure Rules and
Transparency Rules, the Prospectus Rules, all applicable rules and requirements
of the London Stock Exchange and the FSA and all applicable US and Dutch laws
and regulations and (in all material respects) all other applicable requirements
of statute, statutory regulation or any regulatory body.

       

      1.9           The
New Shares will, upon allotment, be free from all Adverse Interests and will
rank pari passu in all
respects with the existing issued shares in the issued share capital of the
Company except that such shares will not rank for the final dividend in respect
of the financial year ending 31 December 2007.

       

      1.10           The
Company has complied in all material respects with the requirements of Euroclear
and the Uncertificated Securities Regulations 2001.

       

      1.11           This
Agreement, and the other agreements to be entered into by the Company in
connection with Admission, the Rights Issue have been or will be duly
authorised, executed and delivered on behalf of the Company and assuming due
authorisation, execution and delivery by the other parties thereto, constitute
valid and binding obligations of the Company enforceable against it in
accordance with their terms (subject to mandatory rules of law relating to
insolvency).

       

       

      
        
          
          

        

        
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      1.12           The
Rights Issue (including without limitation, the creation, allotment and issue of
the New Shares and the publication and distribution of the Relevant Documents)
will be conducted in all material respects in accordance with the terms and
conditions of the Relevant Documents and the Company has complied and will
comply with all laws, rules and regulations applicable to the Rights Issue in
each jurisdiction in which the New Shares are offered.

       

      1.13           Except
as disclosed in the Draft Prospectus and, when published, the Prospectus and
save as otherwise would not (singly or in the aggregate) be material in the
context of the Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares, there are no rights (conditional
or otherwise) (i) to require the issue of any shares or other securities
(including without limitation, any loan capital) or securities convertible into
or exchangeable for, or warrants, rights or options to purchase, or obligations,
commitments or intentions to create the same or (ii) to sell or otherwise
dispose of any shares or other securities of a Group company (other than to
another Group, company, as the case may be) which are outstanding and in
force.

       

      1.14           No
member of the Group or any person acting on its behalf has taken, directly or
indirectly, any action designed to or which has constituted or which might
reasonably be expected to cause or result in stabilisation or manipulation of
the price of any security of the Company.

       

      1.15           The
Company has not paid or agreed to pay to any person any compensation for
soliciting another to purchase any New Shares (except as contemplated in this
Agreement).

       

      2.           Relevant
documents

       

      2.1           Each
of the Draft Prospectus and the Relevant Documents (following publication, if
applicable) (and any amendments or supplements thereto) does not and will not
contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

       

      2.2           All
expressions of opinion, intention or expectation contained in any Relevant
Document (following publication, if applicable) and the Draft Prospectus are,
and were on the respective dates of such Relevant Document or Draft Prospectus,
honestly held by the Directors and are fairly based and have been made on
reasonable grounds after due and careful consideration and enquiry.

       

      2.3           There
are no facts or matters known, or which could on reasonable enquiry have been
known, to the Company or any of the Directors omitted from any Relevant Document
(following publication, if applicable) or the Draft Prospectus, the omission of
which would make any statement of fact or expression of opinion, intention or
expectation contained in a Relevant Document or the Draft Prospectus
misleading.

       

      2.4           Having
regard to the particular nature of the Company and the Group and the Company’s
share capital and the other matters referred to in section 87A of the FSMA, the
Draft Prospectus, taken together with the Press Announcement
contains,

       

       

      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

       

       

      and the
Prospectus when published will contain, all information about the Group which is
or might be material for disclosure to potential investors and their
professional advisers and which they would reasonably require and reasonably
expect to find there for the purpose of making an informed assessment of the
matters specified in section 87A(2) of the FSMA.

       

      2.5           There
is no fact or circumstance which is not disclosed with sufficient prominence in
the Draft Prospectus and, when published, the Prospectus which ought to be taken
into account by the UK Listing Authority in considering the application for
listing of the New Shares.

       

      2.6           All
information provided by the Company, its subsidiary undertakings or any of its
or their officers or employees to the Joint Sponsors and/or the Underwriters
and/or the Auditors in connection with its organised due diligence enquiries or
similar requests for information has been supplied in good faith and such
information was when supplied, and remains, true and accurate in all material
respects and no further information requested has been withheld, the absence of
which might reasonably be considered to be material to such due diligence
enquiries or requests for information.

       

      3.           Previous
Announcements

       

      With
respect to all Previous Announcements, all statements of fact contained therein
were at the date of the relevant Previous Announcement and, save to the extent
corrected in any document or announcement issued or made by or on behalf of the
Company subsequent thereto, remain true and accurate in all material respects
and not misleading and all estimates, expressions of opinion or intention or
expectation of the Directors contained therein were made on reasonable grounds
and were honestly held by the Directors and were fairly based and there were no
facts known (or which could on reasonable enquiry have been known by the
Directors) the omission of which would make any statement of fact or estimate or
statement or expression of opinion, intention or expectation in any of the
Previous Announcements misleading and all Previous Announcements complied with
the memorandum and articles of association of the Company, the Listing Rules,
the Disclosure Rules and Transparency Rules, the Prospectus Rules, the Companies
Act, the FSMA, all applicable rules and requirements of the London Stock
Exchange and the FSA, the NFSA and all applicable US and Dutch laws and
regulations and (in all material respects) all other applicable requirements of
statute, statutory regulation or any regulatory body. There is no existing
profit forecast outstanding in respect of the Company, the Group taken as a
whole, or any member thereof.

       

      4.           Derogation

       

      Each
statement made by or on behalf of the Company (and of which the Company is
aware) in connection with any application to the London Stock Exchange or the UK
Listing Authority for information to be omitted from the Prospectus is true,
complete and accurate and not misleading. There is no information which has not
been disclosed in writing to the London Stock Exchange or the UK Listing
Authority in connection with such an application which by its omission makes
such a statement untrue, inaccurate or misleading.

       

       

      
        
          
          

        

        
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      5.           Accounts

       

      5.1           The
Accounts:

       

      
        	
                (a)

              	
                have
      been prepared and audited in accordance and comply with lFRS, the
      Companies Act and all applicable laws and
  regulations;

              

      

       

      
        	
                (b)

              	
                give
      a true and fair view of the financial condition and of the state of
      affairs of the Company and the Group as at the end of each of the relevant
      financial periods (including the Accounts Date) and of the profit, loss,
      cash flow and changes in equity of the Company and the Group for such
      periods; and

              

      

       

      
        	
                (c)

              	
                either
      make proper provision for, or, where appropriate, in accordance with lFRS,
      include a note in respect of all liabilities or commitments, whether
      actual, deferred, contingent or disputed of the
  Group.

              

      

       

      5.2           The
ABN Amro Accounts:

       

      
        	
                (a)

              	
                have
      been prepared and audited in accordance and comply with IFRS, applicable
      Dutch law and all applicable laws and
  regulations;

              

      

       

      
        	
                (b)

              	
                give
      a true and fair view of the financial condition and of the state of
      affairs of ABN Amro and its subsidiary undertakings as at the end of each
      of the relevant financial periods (including the Accounts Date) and of the
      profit, loss, cash flow and changes in equity of ABN Amro and its
      subsidiary undertakings for such periods;
and

              

      

       

      
        	
                (c)

              	
                either
      make proper provision for, or, where appropriate, in accordance with IFRS,
      include a note in respect of all liabilities or commitments, whether
      actual, deferred, contingent or disputed of ABN Amro and its subsidiary
      undertakings.

              

      

       

      5.3           The
pro forma financial information on the Group set out in the Draft Prospectus
and, when published, the Prospectus has been duly and carefully prepared on the
bases set out in Part IX of the Draft Prospectus and, when published, the
Prospectus, in accordance with the Prospectus Rules and is presented on a basis
consistent with the accounting principles, standards and practices normally
applied by the Company.

       

      5.4           The
summary and selected financial information on the Group set out in the Draft
Prospectus and, when published, the Prospectus has been duly and carefully
extracted from the Accounts and has been properly compiled on a basis consistent
with the accounting policies applied in the Accounts.

       

      5.5           The
capitalisation and indebtedness table set out in the Draft Prospectus and, when
published, the Prospectus has been properly compiled on a basis that is
consistent with the accounting policies applied in the Accounts.

       

      5.6           No
Group company has any off-balance sheet financing, investment or liability
material for disclosure in the Prospectus that is not so fairly
disclosed.

       

       

      
        
          
          

        

        
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      5.7           The
Directors have established procedures which provide a reasonable basis for them
to make proper judgements on an ongoing basis as to the financial position and
prospects of the Company and each Group company.

       

      5.8           The
Group has an effective system of internal controls over financial reporting so
as to satisfy the requirements of section 404 of the US Sarbanes Oxley Act of
2002.

       

      5.9           There
are no, and during the past five years have been no (i) material weaknesses in
the Company’s internal controls over financial reporting (whether or not
remediated) of the Company or the Group, (ii) changes in the Company’s internal
controls over financial reporting of the Company or the Group that has
materially adversely affected, or would be reasonably likely to materially
adversely affect, the Company’s internal controls over financial reporting of
the Company or the Group; or (iii) fraud that involves any current member of
management of the Company or (so far as the Company is aware) of any member of
the Group and no material fraud that involves any employee of the Company or (so
far as the Company is aware) of any member of the Group.

       

      6.           Financial
models

       

      6.1           The
Financial Models (together with the related notes, scenarios and the assumptions
underlying them) have been prepared by or on behalf of the Company in good faith
after due and careful enquiry and have been properly compiled on a basis which
is consistent with the accounting policies of the last audited financial
statements of the Company.

       

      7.           Position
since accounts date

       

      7.1           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus
(in each case), since the Accounts Date:

       

      
        	
                (a)

              	
                each
      Group company has carried on its respective business in the ordinary
      course in all material respects, and there has been no Material Adverse
      Effect;

              

      

       

      
        	
                (b)

              	
                there
      has been no material impairment to charges in respect of any assets of the
      Company or of any Group company, and there has been no increase in the
      provisions in respect of losses in relation to any mortgage, loans or
      other assets of the Company or of any Group company that, in any of the
      foregoing cases, would, or would be reasonably likely to, be (singly or in
      the aggregate) material in the context of the Rights Issue, underwriting
      of the New Shares, Admission or post-Admission dealings in the Ordinary
      Shares;

              

      

       

      
        	
                (c)

              	
                no
      Group company has, otherwise than in the ordinary course of business,
      entered into or assumed or incurred any contract, commitment (whether in
      respect of capital expenditure or otherwise), borrowing, indebtedness in
      the nature of borrowing, guarantee, liability (including contingent
      liability) or any other agreement or obligation that, in any of the
      foregoing cases, would, or would be reasonably likely to, be (singly or in
      the aggregate) material in the

              

      

       

       

      
        
          
          

        

        
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      context
of the Rights Issue, underwriting of the New Shares; Admission or post-Admission
dealings in the Ordinary Shares;

       

      
        	
                (d)

              	
                other
      than in the ordinary course of business, no debtor has been released by
      the Company to an extent which (singly or in the aggregate) is material in
      the context of the Rights Issue, underwriting of the New Shares, Admission
      or post-Admission dealings in the Ordinary Shares on terms that he pays
      less than the book value of his debt and no debt of such material amount
      owing to the Company or any Group company has been deferred, subordinated
      or written off or has proven irrecoverable to any material
      extent;

              

      

       

      
        	
                (e)

              	
                no
      Group company has been involved in any transaction which has resulted or
      would be reasonably likely to result (singly or in the aggregate) in any
      liability for Tax on the Company or any Group company, which, in any of
      the foregoing cases, would, or would be reasonably likely to, be (singly
      or in the aggregate) material in the context of the Rights Issue,
      underwriting of the New Shares, Admission or post-Admission dealings in
      the Ordinary Shares other than a transaction in the ordinary course of
      business or which is fairly disclosed in the Prospectus;
    and

              

      

       

      
        	
                (f)

              	
                no
      Group company has been in default in any material respect under any
      agreement or arrangement to which any Group company is a party and which
      is or is reasonably likely to be material and there are no circumstances
      likely to give rise to such default, to an extent which (singly or in the
      aggregate) would, or would be reasonably likely to, be material in the
      context of the Rights Issue, underwriting of the New Shares, Admission or
      post-Admission dealings in the Ordinary
Shares,

              

      

       

      (and, for
the avoidance of doubt, references in this Agreement to the Group,
Group
Companies and members of the
Group include, without limitation ABN Amro and each of its subsidiary
undertakings).

       

      7.2           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
since the Accounts Date, there has been no significant change in the trading or
financial position of ABN Amro and its subsidiary undertakings, taken as a
whole.

       

      8.           Working
capital report

       

      8.1           All
information supplied by the Company to the Joint Sponsors and/or Underwriters
and/or the Auditors for the purposes of the Working Capital Report and/or any
other report prepared by the Auditors in connection with the Rights Issue and in
respect of any updates thereto, has been, and will be, supplied to them in good
faith; and such information was (or will be, as applicable) when supplied and
remains (and will remain) true and accurate in all material respects and not
misleading, and no information has been (or will be) withheld the absence of
which might reasonably have affected the contents of the Working Capital Report
and/or any other such report.

       

       

      
        
          
          

        

        
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      8.2           The
Working Capital Report will have been approved by the Directors or a duly
authorised committee thereof and will have been made after due and careful
enquiry and consideration, all statements of fact therein are true and accurate
and not misleading in all material respects, all expressions of opinion,
intention or expectation contained therein will be made on reasonable grounds
after due and careful enquiry and consideration and honestly held by the
Directors and fairly based, there will be no other facts known or which could on
reasonable enquiry have been known to the Company on the date of the Working
Capital Report or the date of the Prospectus or at Admission, the omission of
which would make any such statement or expression in the Working Capital Report
misleading, all the bases and assumptions on which the Working Capital Report
will be based are and will be reasonable and, so far as the Company is aware,
there will be no other assumptions on which the Working Capital Report ought to
have been based which will not have been made.

       

      8.3           The
Group has sufficient working capital for its present requirements, that is for
at least 12 months following the date of this Agreement and the
Prospectus.

       

      9.           Guarantees,
indemnities, borrowings and default

       

      9.1           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
and save for (i) guarantees or indemnities given by any Group company in the
ordinary course of business and (ii) any indenmities given by the Company to the
Joint Sponsors and/or the Underwriters, no Group company has given or has agreed
to give any guarantee or indemnity or similar obligation in favour of a third
party and no Group company has any current or known future liability, howsoever
arising which, in any of the foregoing cases, would, or would be reasonably
likely to, be (singly or in the aggregate) material in the context of the Rights
Issue, underwriting of the New Shares, Admission or post-Admission dealings in
the Ordinary Shares.

       

      9.2           No
event has occurred nor have any circumstances arisen (and the making and
completion of the Rights Issue and the allotment and issue of the New Shares
will not give rise to any such event or circumstance) so that any person is or
would be entitled, or could, with the giving of notice or lapse of time or the
fulfilment of any condition or the making of any determination, become entitled,
to require repayment before its stated maturity of, or to take any step to
enforce any security for, any indebtedness of any member of the Group which is
material in the context of the Group’s borrowings or working capital projections
and no person to whom any indebtedness, which is material in the context of the
Group’s borrowings, of any member of the Group which is payable on demand is
owed has demanded or threatened to demand repayment of, or taken or threatened
to take any step to enforce any guarantee, indemnity or other security for, the
same, which, in any of the foregoing cases, would, or would be reasonably likely
to, be (singly or in the aggregate) material in the context of the Rights Issue,
underwriting of the New Shares, Admission or post-Admission dealings in the
Ordinary Shares.

       

      9.3           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
there are no companies, undertakings, partnerships or joint ventures in
existence whose results are not consolidated with the results of the Group, but
whose

       

       

      
        
          
          

        

        
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      default
would affect the indebtedness or increase the contingent liabilities of the
Group to an extent which would, or would be reasonably likely to, be (singly or
in the aggregate) material in the context of the Rights Issue, the underwriting
of the New Shares, Admission or post-Admission dealings in the Ordinary
Shares.

       

      9.4           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
no event or circumstance exists, has occurred or arisen or, so far as the
Company is aware, is about to occur which constitutes or results in, or would
with the giving of notice and/or lapse of time and/or the making of a relevant
determination, constitute, or result in, termination of or a default or the
acceleration or breach of any obligation under any agreement, instrument or
arrangement to which any Group company is a party or by which any such Group
company or any of its properties, revenues or assets are bound, in any of the
foregoing cases to an extent which would, or would be reasonably likely to, be
(singly or in the aggregate) material in the context of the Rights Issue, the
underwriting of the New Shares, Admission or post-Admission dealings in the
Ordinary Shares.

       

      10.           Taxation

       

      No stamp
duty, stamp duty reserve tax or other issuance or transfer taxes or similar
duties are payable in connection with the allotment, issue and delivery of the
New Shares by the Company in accordance with the terms of this Agreement, save
for any stamp duty or stamp duty reserve tax payable under sections 67, 70, 93
or 96 of the Finance Act 1986 in relation to the issue of the New Shares and
save that no warranty is given in respect of any such duties or taxes arising in
respect of the allotment and issue of Excess Shares to subscribers nominated by
the Underwriters pursuant to Clause 9.4(f).

       

      11.           Litigation

       

      11.1           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
no Group company nor any of its officers or agents or employees is involved, or
has during the recent past (being not less than 12 months ending on the date of
this Agreement) been involved in any civil, criminal, arbitration,
administrative, governmental or other proceedings or governmental regulatory or
similar investigation or enquiry, whether as plaintiff, defendant or otherwise
which, by itself or with other proceedings, which would be, or is reasonably
likely to be, material in the context of the Rights Issue, underwriting of the
New Shares, Admission or post-Admission dealings in the Ordinary
Shares.

       

      11.2           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
no litigation or arbitration, administrative, governmental, civil, criminal or
other proceedings nor governmental, regulatory or similar investigation or
enquiry are pending or have been threatened by or against any Group company or
any of their respective officers, agents or employees in relation to the affairs
of any Group company and, to the best of the knowledge, information and belief
of the Company and the Directors, there are no facts or circumstances likely to
give rise to any such litigation or arbitration, administrative, criminal,
governmental, civil, or other proceedings or governmental, regulatory or similar
investigation or enquiry, in each case, to an extent which, by itself or with
other proceedings, which would be, or is

       

       

      
        
          
          

        

        
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      reasonably
likely to be, material in the context of the Rights Issue, underwriting of the
New Shares, Admission or post-Admission dealings in the Ordinary
Shares.

       

      11.3           No
Group company nor any of its officers or agents or employees in relation to the
affairs of any Group company has been a party to any undertaking or assurance
given to any court or governmental agency or the subject of any injunction which
in any of the foregoing cases is still in force and which, by itself or with
other proceedings, which would be, or is reasonably likely to be, material in
the context of the Rights Issue, underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares.

       

      11.4           For
the purpose of this paragraph 11.4, proceedings
includes any action by any governmental, public or regulatory authority
(including any investment exchange or any authority or body which regulates
investment business or takeovers or which is concerned with regulatory,
licensing, competition, taxation matters or matters concerning Intellectual
Property Rights).

       

      12.           Intellectual
property

       

      12.1           Except
to an extent that would not (singly or in the aggregate) be material in the
context of the Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares, the Group does not infringe the
Intellectual Property Rights of any third party nor so far as the Company is
aware does any third party infringe the Intellectual Property Rights owned or
used by the Group.

       

      12.2           All
material Intellectual Property Rights used by the Group are either legally or
beneficially owned by the Group in all material respects or are used under a
licence and are not subject to any Adverse Interests to an extent that would or
might (singly or in the aggregate) be material in the context of the Rights
Issue, the underwriting of the New Shares, Admission or post-Admission dealings
in the Ordinary Shares.

       

      12.3           Save
as would not (singly or in the aggregate) be material in the context of the
Rights Issue, the underwriting of the New Shares, Admission or post-Admission
dealings in the Ordinary Shares, (i) all Intellectual Property Rights registered
in the name of a Group company (if any) are beneficially owned by it and
subsisting and if granted not subject to revocation and (ii) all requisite
registration and renewal fees in respect thereof have been duly and timeously
paid.

       

      12.4           Save
as would not (singly or in the aggregate) be material in the context of the
Rights Issue, the underwriting of the New Shares, Admission or post-Admission
dealings in the Ordinary Shares, (i) all Intellectual Property Rights owned and
used or reasonably likely to be used by the Group and capable of legal
protection are subject to appropriate and enforceable protection (including,
where reasonably appropriate, by registration), and (ii) so far as the Company
is aware there is no restriction of the Group’s rights to use any Intellectual
Property Rights owned by or licensed to the Company to engage in any of the
activities presently or proposed to be undertaken by it.

       

       

      
        
          
          

        

        
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      13.           Arrangements
with directors and shareholders

       

      13.1           Save
as fairly disclosed in the Draft Prospectus and, when published, the
Prospectus:

       

      
        	
                (a)

              	
                except
      the articles of association of the Company and any service agreement with
      a Director and any contracts entered into in the ordinary course of
      business, there are no existing contracts or engagements or other
      arrangements to which any Group company is a party and in which any of the
      directors of any Group company and/or any associate of any of them is
      interested which would be material in the context of the Rights Issue,
      underwriting of the New Shares, Admission or post-Admission dealings in
      the Ordinary Shares; and to the extent that any such contracts,
      engagements or other arrangements exist they comply with the related party
      requirements of the Listing Rules of the UKLA (or other relevant
      regulator);

              

      

       

      
        	
                (b)

              	
                no
      Shareholder has any rights, in his capacity as such, in relation to any
      Group company other than as set out in the articles of association of the
      Company;

              

      

       

      
        	
                (c)

              	
                the
      Company is not aware of any claim, demand or right of action against any
      Group company otherwise than for accrued remuneration in accordance with
      their contracts of employment by any officer or employee (or former
      officer or employee) of the Group and/or any associate of them in any of
      the foregoing cases, to an extent that (singly or in the aggregate) would,
      or would be reasonably likely to, be material in the context of the Rights
      Issue, the underwriting of the New Shares, Admission or post-Admission
      dealings in the Ordinary Shares;

              

      

       

      
        	
                (d)

              	
                so
      far as the Company is aware, no Director nor any person connected with
      such Director nor any of the employees of the Group nor any person
      connected with any such employee is in breach of any restrictive covenant,
      employment agreement or contract for services which would, or would be
      reasonably likely to, affect the Company or any other Group company and so
      far as the Company is aware, there are no circumstances which might give
      rise to any claim of such a breach or any other dispute with any employer,
      former employer or other person for whom any Director or employee of the
      Group provides or has provided services, in any of the foregoing cases to
      an extent that (singly or in the aggregate) would, or would be reasonably
      likely to, be material in the context of the Rights Issue, the
      underwriting of the New Shares, Admission or post-Admission dealings in
      the Ordinary Shares; and

              

      

       

      
        	
                (e)

              	
                no
      Director nor any director of any Material Subsidiary has given notice of
      termination of his contract of employment. So far as the Company is aware,
      no Director nor any director of any Material Subsidiary has indicated an
      intention to resign.

              

      

       

      13.2           For
the purpose of this paragraph 13, associate
has the meaning:

       

      
        	
                (a)

              	
                in
      the case of an individual, given to “connected person” under section 346
      of the Companies Act; and

              

      

       

       

      
        
          
          

        

        
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                (b)

              	
                in
      the case of a body corporate, given to “associated company” in sections
      416 et seq of the Income and Corporation Taxes Act
  1988.

              

      

       

      14.           Competition

       

      14.1           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
no Group company is a party to (or is concerned in) any agreement, arrangement,
concerted practice or course of conduct which infringes, or of which particulars
have or should have been delivered to any relevant governmental or other
authority in any jurisdiction under any relevant legislation in any territory
regarding anti-competitive or restrictive trade or business practices or which
falls within Articles 81 and/or 82 of the EC Treaty, or otherwise, in any of the
foregoing cases to an extent that (singly or in the aggregate) would, or would
be reasonably likely to, be material in the context of the Rights Issue, the
underwriting of the New Shares, Admission or post-Admission dealings in the
Ordinary Shares.

       

      14.2           Except
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
no Group company is, or has been, in connection with its business or that of any
other Group company, engaged in any practice which contravenes any such
legislation as is referred to in the preceding paragraph or which is under
investigation by any authority referred to in the preceding paragraph or which
is the subject of undertakings to any such authority and, so far as the Company
is aware, none of the practices carried on by any Group company contravenes or
may contravene any such legislation or is reasonably likely to be subject to
such investigation, in any of the foregoing cases to an extent that would, or
would be reasonably likely to, be (singly or in the aggregate) material in the
context ofthe Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares.

       

      15.           Insurance

       

      The Group
is insured to adequate levels against all risks which the Company reasonably
believes to be commonly insured against by persons carrying on the same or
similar businesses as those carried on by the Group and against all risks
against which the Group might reasonably be expected to insure in the particular
circumstances of the businesses carried on by each Group company, all such
insurances are in full force and effect and to the best knowledge, information
and belief of the Company, there are no circumstances which could render any
such insurances void or voidable and there is no material insurance claim,
pending, threatened or outstanding against any Group company and all premiums
due in respect of all insurances have been duly paid.

       

      16.           Information
technology

       

      Except as
fairly disclosed in the Draft Prospectus and, when published, the Prospectus and
save as otherwise would not (singly or in the aggregate) be material in the
context of the Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares:

       

      
        	
                (a)

              	
                systems
      used or planned to be used in connection with the businesses of the Group
      are all the systems required for the present needs of the business of
      the

              

      

       

       

      
        
          
          

        

        
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                Group,
      including, without limitation, as to system capacity and ability to
      process current peak volumes and anticipated volumes in a timely
      manner;

              

      

       

      
        	
                (b)

              	
                in
      the 12 months prior to the date of this Agreement, the Group not suffered
      any failures or bugs in or breakdowns of any systems used in connection
      with the businesses of the Group which have caused any substantial
      disruption or interruption in or to its use and the Company is not aware
      of any fact or matter which may so disrupt or interrupt or affect the use
      of such equipment following the date of this Agreement on the same basis
      as it is presently used;

              

      

       

      
        	
                (c)

              	
                all
      hardware comprised in any systems, excluding any software and any external
      communications lines, used in the businesses of the Group are owned
      (except those items which are subject to finance leases) and operated by
      and are under the control of a Group company and are not wholly or partly
      dependent on any facilities which are not under the ownership, operation
      or control of the Group or (where governed by outsourcing or other similar
      arrangements) are otherwise openly accessible to the Group;
      and

              

      

       

      
        	
                (d)

              	
                each
      Group company is validly licensed to use the software used in its
      business.

              

      

       

      17.           Rating

       

      Except as
fairly disclosed in the Draft Prospectus and save for the potential downgrade
referred to in the draft Moody’s press release dated 22 April 2008 and except as
fairly disclosed, when published, in the Prospectus, the Company has not
received notice of any intended or potential downgrading of the rating assigned
to any of the Company’s (or any other member of its Group’s) credit or debt by a
ratings agency and (other than awareness of publicly known general market
conditions and speculation) is not aware of a specific fact, circumstance or
condition in respect of itself or any Group company from which or a combination
of any of which, when considered in the context of current market conditions and
speculation in the financial services sector, it could reasonably expect such a
downgrade to be threatened or to occur. Except as fairly disclosed in the Draft
Prospectus and, when published, the Prospectus, no ratings agency has placed the
Company or any Group company or any of the Company’s or any Group company’s debt
on credit watch.

       

      18.           Share
Schemes

       

      18.1           The
particulars of the employees schemes contained in the Draft Prospectus and, when
published, the Prospectus or any Supplementary Prospectus and, in particular,
the information as to the dates on which options or other rights may be
exercised and the number of options or other rights granted (conditionally or
otherwise) on or before the date of this Agreement are accurate in all material
respects and not misleading.

       

      18.2           Except
as fairly disclosed in the Draft Prospectus and, when published in the
Prospectus and save as otherwise would not (singly or in the aggregate) be
material in the context of the Rights Issue, the underwriting of the New Shares,
Admission or post-Admission dealings in the Ordinary Shares, except for options
or other rights

       

       

      
        
          
          

        

        
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      granted
under the Company’s approved share option schemes in accordance with normal
practice, there are no arrangements which (contingently or otherwise) may give
rise to an obligation on the Company or any Group company to allot, issue or
grant any relevant securities as defined in section 80 of the Companies
Act

       

      19.           Pension
schemes

       

      Except as
fairly disclosed in the Draft Prospectus and, when published, the Prospectus,
and save as otherwise would not (singly or in the aggregate) be material in the
context of the Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares, the Group is not paying, and is
not under any liability (actual or contingent) to pay or secure (other than by
payment of employers’ contributions under national insurance or social security
legislation), any pension or other benefit on retirement, death or disability or
on the attaimnent of a specified age or on the completion of a specified number
of years of service.

       

      20.           Agreements

       

      Except as
fairly disclosed in the Draft Prospectus and, when published, the Prospectus and
save otherwise as would not (singly or in the aggregate) be material in the
context of the Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares, there is no agreement,
undertaking, instrument or arrangement requiring the creation, allotment, issue,
redemption or repayment, or the grant to any person of the right (whether
conditional or not) to require the allotment, issue, redemption or repayment, of
any shares in the capital of the Company or a Material Subsidiary (including,
without limitation, an option or right of pre-emption or
conversion).

       

      21.           Insolvency

       

      21.1           No
Group company is unable to pay its debts within the meaning of section 123 of
the Insolvency Act 1986 or is otherwise insolvent.

       

      21.2           No
order has been made, petition presented or resolutions passed for the winding up
of any Group company and no meeting has been convened for the purpose of winding
up any Group company. No Group company has been a party to any transaction which
could be avoided in a winding up.

       

      21.3           No
steps have been taken for the appointment of an administrator or receiver
(including an administrative receiver) of all or any part of the assets of any
Group company.

       

      21.4           By
reason of actual or anticipated financial difficulties, no Group company has
commenced discussions with the FSA, the Bank of England, the European Central
Bank or any other regulatory authority to obtain stand-by or emergency funding
(whether by way of repo transactions or otherwise) or has commenced negotiations
with its creditors or any class of its creditors with a view to rescheduling any
of its indebtedness or has made or proposed any arrangement or composition with
its creditors or any class of its creditors.

       

       

      
        
          
          

        

        
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      22.           Regulatory

       

      22.1           Each
Group Company required to be licensed (as a bank or otherwise) is duly licensed
in its jurisdiction of incorporation and domicile and, except as would not
reasonably be expected to be material, is duly licensed or authorised in each
other jurisdiction where it is required to be licensed or authorised to conduct
its business as described in the Draft Prospectus and, when published, the
Prospectus.

       

      22.2           Save
as disclosed in the Draft Prospectus and, when published, the Prospectus, no
Group Company nor any of its officers has failed to comply with any statutory
provision or any rules, regulations, directions, requirements, notices and
provisions of the FSA or any other regulatory body applying to such Group
Company in relation to its business including (without limitation) in respect of
the maintenance of its Capital Resources Requirement and satisfaction of the
Overall Financial Adequacy Rule and any equivalent capital requirements in any
other jurisdiction that are applicable to any Group Company; no obligation has
arisen in respect of the general notification requirements under Chapter 15.3 of
SUP, save in any of the foregoing cases to an extent which would not (singly or
in the aggregate) be material in the context of the Rights Issue, the
underwriting of the New Shares, Admission or post-Admission dealings in the
Ordinary Shares.

       

      22.3           There
are no facts or circumstances, which have not been included in the Draft
Prospectus and, when published, the Prospectus or any other information provided
to the UKLA, which would cause the UKLA not to be satisfied that the Company’s
capital adequacy is regulated by the FSA or suitably regulated by another
regulatory body.

       

      22.4           Save
as fairly disclosed in the Draft Prospectus and, when published, the Prospectus
or otherwise as would not (singly or in the aggregate) be material in the
context of the Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares, no Group Company is the subject
of any investigation, enforcement action (including, without limitation to vary
the terms of any permission of licence) or disciplinary proceeding by the FSA or
any other regulatory body having jurisdiction over such Group Company, and no
such investigation, enforcement action or disciplinary proceeding is threatened
or pending.

       

      22.5           Save
as disclosed in the Draft Prospectus and, when published, the Prospectus or
otherwise as would not (singly or in the aggregate) be material in the context
of the Rights Issue, the underwriting of the New Shares, Admission or
post-Admission dealings in the Ordinary Shares, the Company is not subject to
any special or additional surveillance by the FSA or to any special or
additional reporting requirements in relation to its assets, liquidity position,
funding position or otherwise and the Company is not subject to any visits,
beyond customary visits, by the FSA.

       

      22.6           The
operations of the each Group company are and have been conducted at all times in
material compliance with the money laundering statutes of all jurisdictions, the
rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency
(collectively, the Money Laundering
Laws) and no action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator

       

       

      
        
          
          

        

        
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      involving
any Group company with respect to the Money Laundering Laws is pending or, to
the best knowledge of the Company, threatened.

       

      22.7           None
of the Company, any other member of the Group or, to the knowledge of the
Company, any director, officer, agent, employee or Affiliate of the Company is
currently subject to any sanctions administered by the U.S. Department of the
Treasury (OFAC) or
any similar sanctions imposed by the European Union, the United Nations or any
other body, governmental or other, to which the Company or any of its Affiliates
is subject (collectively, “other economic sanctions”); and the Company will not
directly or indirectly use the proceeds of the Offer, or lend, contribute or
otherwise make available such proceeds to any other member of the Group, joint
venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any sanctions administered by OFAC
or any other economic sanctions.

       

      22.8           None
of the Company, any other member of the Group or, to the knowledge of the
Company, any director, officer, agent, employee or Affiliate of the Company, is
aware of or has taken any action, directly or indirectly, that could result in a
violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as
amended, or the rules and regulations thereunder (the FCPA)
(including, without limitation, making use of the mail or any means or
instrument of interstate commerce corruptly in furtherance of an offer, payment,
promise to pay or authorisation of the payment of any money, or other property,
gift, promise to give, or authorisation of the giving of anything of value to
any “foreign official” (as such term is defined in the FCPA) or any foreign
political office, in contravention of the FCPA), the OECD Convention on Bribery
of Foreign Public Officials in International Business Transactions (the OECD
Convention) or any similar law or regulation, to which the Company, any
other member of the Group, any director, officer, agent, employee of any member
of the Group or, to the knowledge of the Company, any Affiliate is subject; and
the Company, each member of the Group and, to the knowledge of the Company, its
Affiliates have conducted their businesses in compliance with the FCPA, the OECD
Convention and any applicable similar law or regulation and have instituted and
maintain policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance therewith.

       

      23.           United
States Securities Regulations

       

      23.1           None
of the Company, its affiliates (as defined in Rule 405 under the Securities
Act), or any person acting on its or their behalf has engaged or will engage in
any “directed selling efforts” (within the meaning of Rule 902(c) of Regulation
S under the Securities Act) with respect to the New Shares, the Provisional
Allotment Letter, the Nil Paid Rights or the Fully Paid Rights.

       

      23.2           The
Company is a “foreign issuer” (as defined in Regulation S under the Securities
Act).

       

      23.3           The
Company reasonably believes that there is no “substantial US market interest”
(as defined in Rule 902(j) of Regulation S under the Securities Act) in any of
the New Shares, the Provisional Allotment Letter, the Nil Paid Rights or the
Fully Paid Rights or any security of the same class or series as the New
Shares.

       

       

      
        
          
          

        

        
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      23.4           None
of the Company, its affiliates (as defined under Rule 501(b) under Regulation D
under the Securities Act) or any person acting on its or their behalf has
engaged or will engage in any form of general solicitation or general
advertising (within the meaning of Rule 502(c) of Regulation D under the
Securities Act) in the United States in connection with any offer or sale of the
New Shares, the Provisional Allotment Letter, the Nil Paid Rights or the Fully
Paid Rights or has offered or will offer to sell or solicited or will solicit
offers to by any New Shares, the Provisional Allotment Letter, Nil Paid Rights
or the Fully Paid Rights in any manner involving a public offering in the United
States within the meaning of Section 4(2) of the Securities Act.

       

      23.5           None
of the Company, its Affiliates or any person acting on behalf of any of them
has, directly or indirectly, (a) made or will make offers or sales of any
security, (b) solicited or will solicit offers or sales by any security, (c)
otherwise negotiated or will negotiate in respect of any security, in any of the
foregoing cases under circumstances that would require the registration of the
New Shares, the Provisional Allotment Letter, the Nil Paid Rights or the Fully
Paid Rights under the Securities Act or (d) taken or will take any other action
that would require the registration of the New Shares, the Provisional Allotment
Letter, the Nil Paid Rights or the Fully Paid Rights under the Securities
Act.

       

      23.6           The
Company does not believe that it is and does not expect to become (whether as a
result of the receipt and application of the proceeds of the sale of the New
Shares, the Provisional Allotment Letters, the Nil Paid rights, or the Fully
Paid Rights or otherwise) a “passive foreign investment company” within the
meaning of section 1297 of the US Internal Revenue Code of 1986.

       

      23.7           The
Company is not, and, immediately after giving effect to the offering and sale of
the New Shares, the Provisional Allotment Letters, the Nil Paid rights, or the
Fully Paid Rights and the application of the proceeds thereof as set forth in
the Draft Prospectus and, when published, the Prospectus, will not be, an
“investment company” as such term is defined in the US Investment Company Act of
1940.

       

      23.8           For
so long as any New Shares, Provisional Allotment Letters, Nil Paid rights, or
Fully Paid Rights are “restricted securities” within the meaning of Rule
I44(a)(3) under the Securities Act, the Company will not become an “open-end
company”, “unit investment trust” or “face-amount certificate company”, as such
terms are defined in, and that is or is required to be registered under Section
8 of, the Investment Company Act.

       

      23.9           There
are no persons with registration rights or other similar rights to have any
shares registered by the Company under the Securities Act.

       

      23.10                      During
the period of one year after Admission, the Company will not, and will not
permit any of its Affiliates to, resell any New Shares which constitute
“restricted securities” under Rule 144 that have been reacquired by any of them
other than in transactions that meet the applicable requirements of Regulation
S.

       

       

      
        
          
          

        

        
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      SCHEDULE
4

      LETTER
OF CONFIRMATION

       

      [On the
letterhead of the Company]

       

      
        	
                To:

              	
                Goldman
      Sachs International

              

      

      
        	
                 
      

              	
                Peterborough
      Court

              

      

      
        	
                 
      

              	
                133
      Fleet Street

              

      

      
        	
                 
      

              	
                London
      EC4A 2BB

              

      

       

      Merrill
Lynch International

      2 King
Edward Street

      London
ECIA lHQ

       

      UBS
Limited

      1
Finsbury Avenue

      London
EC2M 2PP

       

      (on
behalf of themselves and the other Underwriters)

       

      · 2008

       

      Dear
Sirs

       

      We refer
to the Underwriting Agreement between us dated · 2008 (the Underwriting
Agreement) [and to the conditions set out in Clause 2.1 of the
Underwriting Agreement (the Conditions)]
[wording in
square brackets only be included in the Certificate to be given under Part D of
Schedule 2]. References in this letter to Clauses are to Clauses of the
Underwriting Agreement and words and expressions defined in the Underwriting
Agreement have the same meaning herein.

       

      We hereby
confirm that:

       

      
        	
                (a)

              	
                [each
      of the Conditions, other than that contained in Clause 2.1(g), is
      satisfied as at the delivery of this
letter;

              

      

       

      
        	
                (b)

              	
                we
      are not aware of any reason why the Conditions will not continue to be
      satisfied until Admission; and] [wording in
      square brackets only be included in the Certificate to be given under Part
      D of Schedule 2]

              

      

       

      
        	
                (c)

              	
                with
      reference to our obligation in Clause 12.2 of the Underwriting Agreement,
      it has not come to the knowledge of the Company or any Director that any
      of the representations, warranties or undertakings referred to in Clause
      12.1 of the Underwriting Agreement was breached or untrue, inaccurate or
      misleading at the date of the Underwriting Agreement in any respect and so
      far as we are aware there has been no change in circumstances such that if
      repeated by reference to the facts and circumstances subsisting at the
      date hereof any of such representations, warranties or undertakings would
      be breached or untrue or inaccurate or misleading in any
      respect.

              

      

       

       

      
        
          
          

        

        
          73

          
            

          

        

        
          
          

        

      

       

       

      We
undertake to notify you immediately if the confirmations contained in this
letter could not continue to be given by us at any time prior to Admission (in
each case by reference to the facts and circumstances then
existing).

       

      Yours
faithfully

       

      
        	 
      
	
                Director/Secretary

              

      

       

       

       

      
        
          
          

        

        
          74

          
            

          

        

        
          
          

        

      

      
 

      SCHEDULE
5

       

      SELLING
RESTRICTIONS

       

      1.           General

       

      Each
Underwriter represents and warrants to, and agrees with the Company that it
will, in all material respects, severally comply with such applicable laws in
each jurisdiction in which it acquires, offers, sells or delivers the New Shares
or Nil Paid Rights as are customarily complied with by banks of international
reputation.

       

      2.           United
States

       

      Each
Underwriter represents and warrants to, and agrees with, the Company
that:

       

      
        	
                (a)

              	
                none
      of the Provisional Allotment Letter, the Nil Paid Rights, the Fully Paid
      Rights or the New Shares have been or will be registered under the
      Securities Act and none of them may be offered or sold within the United
      States except pursuant to an exemption from, or in a transaction not
      subject to, the registration requirements of the Securities
      Act;

              

      

       

      
        	
                (b)

              	
                neither
      it, its affiliates (as such term is defined in Rule 405 under the
      Securities Act) nor any persons acting on its or their behalf has engaged
      or will engage in any directed selling efforts (as that term is defined in
      Regulation S under the Securities Act) with respect to the Provisional
      Allotment Letter, the Nil Paid Rights, the Fully Paid Rights or the New
      Shares

              

      

       

      
        	
                (c)

              	
                it
      has not offered or sold, and agrees that, subject to Clause (d) below, it
      will not offer or sell the Provisional Allotment Letter, the Nil Paid
      Rights, the Fully Paid Rights or the New Shares within the United States
      except in accordance with Rule 903 of Regulation S under the Securities
      Act;

              

      

       

      
        	
                (d)

              	
                notwithstanding
      Clause (c) above, it may:

              

      

       

      (i)        offer
and sell Nil Paid Rights in accordance with Clause 7.1 and New Shares in
accordance with Clause 8.4 and Clause 9.1 through its US registered
broker-dealer affiliate in the United States to a limited number of “qualified
institutional buyers” within the meaning of Rule l44A under the Securities Act
(“QIBs”) in reliance on an exemption from the registration requirements of the
Securities Act for transactions not involving any public offering of securities
within the meaning of Section 4(2) thereof; and

       

      (ii)        offer
and sell New Shares acquired by it pursuant to Clause 9.1, through its US
registered broker-dealer affiliate in the United States to a limited number of
QIBs under restrictions and circumstances reasonably designed to preclude a
distribution that would require

       

       

      
        
          
          

        

        
          75

          
            

          

        

        
          
          

        

      

       

       

      registration
of the New Shares under the Securities Act or under the securities laws of any
state of the United States;

       

      
        	
                (e)

              	
                in
      connection with the offering of the New Shares within the United States,
      (A) it shall deliver and cause each of its affiliates (as such term is
      defined in Rule 501(b) of Regulation D under the Securities Act) to
      deliver, to each subscriber whom it or such affiliate procures, a copy of
      an Investor Letter and (B) will inform, and cause each of its affiliates
      (as such term is defined in Rule 501(b) of Regulation D under the
      Securities Act) to inform, QIBs in the United States acquiring New Shares
      that such New Shares (i) have not been and will not be registered under
      the Securities Act, (ii) are being sold in reliance on an exemption from
      the registration requirements of the Securities Act and (iii) may not be
      offered, sold, pledged or otherwise transferred except in an offshore
      transaction in accordance with Regulation S under the Securities Act
      (which, for the avoidance of doubt, would include a sale over the London
      Stock Exchange) for so long as such securities are “restricted securities”
      within the meaning of Rule l44(a)(3) under the Securities
    Act;

              

      

       

      
        	
                (f)

              	
                neither
      it, its affiliates (as such term is defined in Rule 501(b) under
      Regulation D under the Securities Act) nor any persons acting on its or
      their behalf has engaged or will engage in any form of general
      solicitation or general advertising (as those terms are used in Rule
      502(c) of Regulation D under the Securities Act) in connection with any
      offer or sale of the Provisional Allotment Letter, the Nil Paid Rights,
      the Fully Paid Rights or the New Shares in the United States, or otherwise
      has offered or will offer the Provisional Allotment Letter, the Nil Paid
      Rights, the Fully Paid Rights or the New Shares in any manner involving a
      “public offering” within the meaning of Section 4(2) of the Securities
      Act.

              

      

       

       

      
        
          
          

        

        
          76

          
            

          

        

        
          
          

        

      

       

       

      SCHEDULE
6

       

      THE
UNDERWRITERS

       

      
        	
                (1)

              	
                (2)

              	
                (3)

              
	 	 	 
	
                Name

              	
                Address
      and fax number

              	
                Proportionate
      Share

              
	 	 	 
	
                Goldman
      Sachs International

              	
                Peterborough
      Court, 133 Fleet Street, London EC4A 2BB

              	
                40
      %

              
	 	 	 
	 
      	
                Fax
      number: +44 20 7774 1550

              	 
      
	 	 	 
	 
      	
                For
      the attention of:  Equity Capital Markets

              	 
      
	 	 	 
	
                Merrill
      Lynch International

              	
                2
      King Edward Street, London EC1A 1HQ

              	
                40
      %

              
	 	 	 
	 
      	
                Fax
      number: +44 20 7995 2516

              	 
      
	 	 	 
	 
      	
                For
      the attention of:  ECM Syndicate Desk

              	 
      
	 	 	 
	
                UBS
      Limited

              	
                1
      Finsbury Avenue, London EC2M 2PP

              	
                20
      %

              
	 	 	 
	 
      	
                Fax
      number: +44 20 7567 4127

              	 
      
	 	 	 
	 
      	
                For
      the attention of: Equity Capital Markets

              	 
      

      

       

       

       

      
        
          
          

        

        
          77

          
            

          

        

        
          
          

        

      

      
 

      SCHEDULE
7

       

      OFFER
TO ACCEDE TO UNDERWRITING AGREEMENT (THE OFFER)

       

      This
letter must be completed and returned as soon as possible, but in any event by
not later than 4.00 p.m. (London time) on 23 April 2008. It may be sent by
e-mail of a signed and scanned copy, although the original must still be
returned to us by mail.

       

      Date: 22
April 2008

       

      To:
Goldman Sachs International / Merrill Lynch International

       

      For
the attention of Dan Martin / Oliver Holbourn: Fax: +44 207 774 4477; +44 207
7995 4778

       

      Dear
Sir,

       

      By this
letter, we hereby irrevocably offer and undertake for the benefit of each party
to the Underwriting Agreement (as defined below) (i) to participate in the
Offering with a maximum underwriting commitment of
£                                                  
on the terms and subject to the conditions of the rights issue underwriting
agreement entered into between, among others, Merrill Lynch International,
Goldman Sachs International and the Company on 22 April 2008 (the Underwriting
Agreement) and (ii) to accede to the Underwriting Agreement and to
observe, perform and be bound by the terms and conditions thereof as an
Underwriter. We hereby confirm we have received a copy of the Underwriting
Agreement. Capitalised terms not otherwise defined herein shall have the meaning
ascribed to them in the Underwriting Agreement.

       

      We
understand that neither the Company nor any of the Joint Sponsors are deemed to
have accepted us as an Underwriter and/or a party to the Underwriting Agreement
until the Company and each Joint Sponsor has countersigned this
letter.

       

      We also
understand that the Company is at liberty to fully or partially accept our
Offer.

       

      Unless
accepted as aforesaid, this Offer lapses on 24 April 2008 at 11.59 p.m. (London
time).

       

      For the
purposes of the Underwriting Agreement our notice details are as
follows:

       

      Address:

       

      Fax:

       

      Attention:

       

       

      
        
          
          

        

        
          78

          
            

          

        

        
          
          

        

      

       

       

      The
choice of law and jurisdiction set out in Clause 29 of the Underwriting
Agreement is incorporated herein by reference.

       

      This
document takes effect on the date written at the beginning of it.

       

      
        	
                Executed
      and delivered as a deed by:

              
	 
      
	
                duly
      authorised for and on behalf of

              
	
                [                                                        ]

              

      

      

       

      
        	
                Signed
      by:

              
	 
      
	
                duly
      authorised for and on behalf of

              
	
                The
      Royal Bank of Scotland Group plc

              

      

      

       

      
        	
                Signed
      by:

              
	 
      
	
                duly
      authorised for and on behalf of

              
	
                Goldman
      Sachs International

              

      

      

       

      
        	
                Signed
      by:

              
	 
      
	
                duly
      authorised for and on behalf of

              
	
                Merrill
      Lynch International

              

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                SIGNED by
      ...........................

              	
                )

              	 
      
	
                for
      and on behalf of

              	
                )

              	 
      
	
                THE
      ROYAL BANK OF SCOTLAND

              	
                )

              	
                /s/
      [illegible]

              
	
                GROUP
      PLC

              	
                )

              	 
      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                SIGNED by /s/
      [illegible].....................

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                GOLDMAN
      SACHS INTERNATIONAL

              	
                )

              
	 
      	 
      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                SIGNED by /s/
      [illegible].....................

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                MERRILL
      LYNCH INTERNATIONAL

              	
                )

              
	 
      	 
      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                SIGNED
      by...........................

              	
                )

              	
                /s/
      Peter Guenthardt

              
	
                and...........................

              	
                )

              	
                Peter
      Guenthardt

              
	
                for
      and on behalf of

              	
                )

              	
                Executive
      Director

              
	
                UBS
      LIMITED

              	
                )

              	 
      
	 
      	 
      	 
      

      

      

       

      
        	
                /s/
      Kunal Gandhi

              
	
                Kunal
      Gandhi

              
	
                Director

              
	 
      
	 
      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                SIGNED
      by...........................

              	
                )

              	 
      
	
                for
      and on behalf of

              	
                )

              	 
      
	
                THE
      ROYAL BANK OF

              	
                )

              	
                /s/
      [illegible]

              
	
                SCOTLAND
      PLC

              	
                )

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