Document:

EXHIBIT
4.2

     

    
      
        	
                Neil Roden

                Group Director, Human Resources

              	
                

              
	 	 
	 	 
	
                Mr
      Stephen Hester

                 

                 

              	
                Gogarburn

                Edinburgh

                EH12
      1HQ

                Telephone:
      0131 523 2022

                Facsimile:
      0131  523 4985

                www.rbs.com

              

      

      
24th February
2009

      

      Dear
Stephen,

      

      SERVICE
AGREEMENT AMENDMENT

      

      I
refer to our recent discussions regarding your service agreement, signed by The
Royal Bank of Scotland pic on 4 November 2008 (your "Service Agreement").

      

      As
discussed, this letter is to briefly confirm our agreement to amend clause 26.4
of your Service Agreement by deleting the current clause in its entirety and
replacing it with the following: 

      

      
        
          	
                  "26.4  

                	
                  Notwithstanding anything
      else in this Agreement:

                
	 	 
	
                  (a)

                	
                  having complied with its
      obligations contained in the second sentence of clause 4.5 above, the Company may elect
      to terminate the Executive's employment by reason of the Executive's personal
      underperformance by giving written notice with immediate effect (and, for
      the avoidance of
      any doubt, without making any payment in lieu of notice);
      and/or

                
	 	 
	
                  (b)
 	
                  in the event that the
      Executive resigns (other than as a consequence of fundamental breach by the
      Company of the
      terms of this
      Agreement), the Company may elect to make a payment in lieu of
      notice. The payment in
      lieu of notice in
      this case will be a sum equal to Salary Element of the Executive's ValueAccount
      for the Applicable Notice Period. No payment will be made in respect
      of any other
      benefit."

                

        

         

      

      This amendment
will take effect on the date your Service Agreement commenced
operation.

      

      Please could you
kindly sign and return a copy of this letter to confirm your agreement to the
above-noted amendment?

      

      Yours
sincerely,

      

      

      
        /s/
Neil Roden               
 

      

      Neil Roden

       

      Group
HR Director

      

      
         

        
        

         

        
          	Signed	
                  /s/ Stephen
      Hester

                	 
	 	 	 
	Dated	 	 

        

         

      

      
        	 	
                The  Royal
      Bank of  Scotland  Group pic

                Regjstered  in
      Scotland No. 45551

                  Registered  Office:  36
      St Andrew
      Square

                  Edinburgh
      EH2 2YBEXHIBIT
4.8

     

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                Dated    August 2008

              
	 
	 
	 
	 
	
                THE
      ROYAL BANK OF SCOTLAND GROUP PLC

                 

                and

                 

                BANCO
      SANTANDER S.A.

                 

                and

                 

                FORTIS
      N.V. AND FORTIS SA/NV

                 

                and

                 

                RFS
      HOLDINGS B.V.

              
	 
	 
	 
	 
	
                AMENDMENT
      AGREEMENT

                 

                relating to the Consortium and Shareholders' Agreement
      dated 28 May 2007 between The Royal Bank of Scotland Group PLC, Banco
      Santander S.A., Fortis N.V. and Fortis SA/NV and, by accession, Fortis
      Nederland (Holding) N.V., and RFS Holdings B.V. (as supplemented and
      amended by a Supplemental Consortium and Shareholders’ Agreement dated 17
      September 2007).

              
	
                 

              	 
    
	 	 
	 	 
	 	 
	 	 
		 
	 
    	 
    
	
                Linklaters LLP

                One Silk
      Street

                London EC2Y
      8HQ

              	 
    
	 	 
	 	 
	 	 
	
                Telephone (+44) 20 7456
      2000

              	 
    
	 	 
	
                Facsimile (+44) 20 7456
      2222

              	 
    

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

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      This Amendment Agreement is made on    June
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 N.V., a company
      incorporated in The Netherlands (registered no. 300.72.145 at the Utrecht
      Trade Register), whose registered office is at Archimedeslaan 6, 3584 BA,
      Utrecht, The Netherlands and FORTIS SA/NV, a company
      incorporated in Belgium (registered no. 0.451.406.524), whose registered
      office is at 20 Rue Royale, Brussels B-1000, Belgium and FORTIS BANK NEDERLAND (HOLDING)
      N.V. a company incorporated in The Netherlands (registered no.
      30080248), whose registered office is at Archimedeslaan 6, 3584 BA,
      Utrecht, The Netherlands (collectively
      “Fortis”); and

              

      

       

      
        	
                (4)  

              	
                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 (“RFS
      Holdings”).

              

      

       

      Whereas:

       

      
        	
                (A)  

              	
                On 28 May
      2007, the parties entered into a consortium and shareholders’ agreement
      relating to the Investors investment in RFS Holdings and the parties then
      supplemented and amended that agreement on 17 September 2007 by entering
      into a supplemental agreement (that agreement as amended and supplemented
      being the “CSA”).

              

      

       

      
        	
                (B)  

              	
                Part 2 of
      Schedule 3 to the CSA sets out the RBS Acquired Businesses, the Santander
      Acquired Businesses and the Fortis Acquired Businesses and Part 3 of
      Schedule 3 to the CSA sets out the Retained Businesses. Certain changes
      require to be made Part 2 of Schedule 3 to the CSA and Part 3 of Schedule
      3 to the CSA to reflect agreed changes to the RBS Acquired Businesses, the
      Santander Acquired Businesses, the Fortis Acquired Businesses and the
      Retained Businesses.

              

      

       

      
        	
                (C)  

              	
                Paragraph 3
      of Part D of Schedule 5 to the CSA sets out that no Director shall be
      entitled to indemnification from RFS Holdings. The parties wish to delete
      this paragraph in order for the provision for the indemnification of
      Directors by RFS Holdings may be
made.

              

      

       

      
        	
                (D)  

              	
                Therefore the
      parties wish to amend the CSA by this Amendment Agreement and note their
      agreement that RBS, Santander and Fortis should seek to effect the changes
      contemplated in this Amendment Agreement in the
  Articles.

              

      

       

      It is agreed as
follows:

       

      
        	
                1  

              	
                Definitions
      and Interpretations

              

      

       

      
        	
                1.1  

              	
                Definitions

              

      

       

      In this Amendment
Agreement (including the Recitals hereto), unless the subject or context
otherwise requires, words defined in the CSA shall have the same meanings when
used herein.

       

      
        
          
          

        

        
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                1.2  

              	
                Interpretation

              

      

       

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

       

      
        	
                1.3  

              	
                Clauses,
      recitals and schedules

              

      

       

      References to
clauses, recitals and schedules are to clauses of, and recitals and schedules
to, the CSA unless the context otherwise requires.

       

       

      
        	
                2  

              	
                Specific
      Amendments to the CSA

              

      

       

      The parties agree
that the CSA is hereby amended as follows:

       

      
        	
                2.1  

              	
                Schedule 3 –
      Part 2 of the CSA shall be deleted in its entirety and a new Schedule 3 -
      Part 2 shall be inserted as set out in Schedule A to this Amendment
      Agreement;

              

      

       

      
        	
                2.2  

              	
                Schedule 3 –
      Part 3 of the CSA shall be deleted in its entirety and a new Schedule 3 -
      Part 3 shall be inserted as set out in Schedule B to this Amendment
      Agreement; and

              

      

       

      
        	
                2.3  

              	
                Paragraph 3
      of Schedule 5 – Part D of the CSA shall be deleted in its
      entirety;

              

      

       

      and that the
amendments in Clauses 2.1 and 2.2 above shall be deemed to have had effect as it
so varied on the original execution of the CSA on 28 May 2007.

       

      
        	
                3  

              	
                Amendment
      to the Articles

              

      

       

      As soon as
reasonably practicable after the date of this Amendment Agreement, each of RBS,
Santander and Fortis agree to use their best endeavours to effect amendments to
the Articles to the extent necessary such that the Articles are consistent with
the terms of this Amendment Agreement.

       

      
        	
                4  

              	
                Variation
      of rights

              

      

       

      The parties
acknowledge and agree that the Specific Amendments to the CSA listed in Clause
2.1 and 2.2 and Schedules A and B of this Amendment Agreement and certain of the
amendments to the Articles contemplated by Clause 3 will, taken together, vary
the rights attached to the R Shares held by RBS,  the S Shares held by
Santander, the F Shares held by Fortis and the O Shares held by RBS, Santander
and Fortis in the capital of the Company.

       

       

      
        	
                5  

              	
                Conditions
      precedent

              

      

       

      
        	
                5.1  

              	
                This
      Amendment Agreement is conditional upon the approval of the changes to the
      CSA as agreed in this Amendment Agreement by the DNB in accordance with
      the declarations of no objection issued by the Dutch Minister of Finance
      to the Company, Santander, Fortis and RBS dated 17 September
      2007

              

      

       

      
        	
                5.2  

              	
                The changes
      to Part 2 of Schedule 3 to the CSA relating to Private Clients India and
      Private Clients Indonesia are conditional upon the completion of the sale
      of New HBU II N.V. and IFN Finance B.V. by ABN AMRO Bank
    N.V.

              

      

       

      
        	
                6  

              	
                General
      Provisions

              

      

       

      
        	
                6.1  

              	
                The provisions of Clauses 16
      (Confidentiality and Announcements), 19 (Entire Agreement and Non
      Reliance), 20 (General) and 22 (Governing Law and Arbitration) of the CSA
      shall apply mutatis
      mutandis to this Amendment Agreement as if expressly set out
      herein.

              

      

       

      
        
          
          

        

        
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                6.2  

              	
                Except as amended by this Amendment
      Agreement, the CSA shall continue in full force and
  effect.

              

      

       

      

       

      In Witness whereof this
Supplemental Agreement has been entered into the day and year first before
written.

       

      THE
ROYAL BANK OF SCOTLAND GROUP PLC

       

      By:

       

      
        	 

      

       

      

       

      BANCO
SANTANDER S.A.

       

      
        By:

         

        
          	 

        

         

      

      

       

      FORTIS
N.V. and FORTIS SA/NV

       

      
        By:

         

        
          	 

        

         

      

      

       

      FORTIS
BANK NEDERLAND (HOLDING) N.V.

       

      
        By:

         

        
          	 

        

         

      

      

       

      RFS
HOLDINGS B.V.

       

      
        By:

         

        
          	 

        

         

        
          
            
            

          

          
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      Schedule
A

       

      Schedule
3 - Part 2

      The
Acquired Businesses

       

      The
assets of, and Liabilities attributable to, Business Units or any business
comprise, subject to Clause 5 and the remaining provisions of this Schedule 3,
those Business Assets and Liabilities reflected in the ABN AMRO Accounts as
being assets and Liabilities of such Business Unit or business.

       

      Part
1. RBS Acquired Businesses

       

      The
Business Assets of the following businesses and Business Units of the ABN AMRO
Group:

       

      
        	 
    
	
                BU
      North America (pages 111 to 113 of the ABN AMRO
  Accounts)

              
	
                BU
      Global Clients (pages 53, 117 to 119 and 158 of the ABN AMRO Accounts,
      excluding the Brazil Global Clients Business).

              
	
                BU
      Asia (pages 115 to 117 of the ABN AMRO Accounts) excluding the interest in
      Saudi Hollandi

              
	
                BU
      Europe (excluding Antonveneta) (pages 109 to 111 of the ABN AMRO Accounts,
      excluding the Antonveneta profit and loss account and balance
      sheet)

              
	
                Former
      Dutch Wholesale Clients (reported under BU Netherlands, pages 107 to 109
      of the ABN AMRO Accounts, in the ABN AMRO Accounts, as explained on page
      106 of the ABN AMRO Accounts and the ABN AMRO press release of 7 April
      2006).1

              
	
                Former
      WCS Clients outside Brazil within BU Latin America (reported under BU
      Latin America, pages 113 to 115 of the ABN AMRO Accounts, as explained in
      the ABN AMRO press release of 7 April 2006).

              
	
                Private
      Clients India and Private Clients Indonesia

              
	
                Interest
      in Prime Bank, Pakistan

              
	 
    

      

       

      Where:

       

      “Brazil Global Clients
Business” means the ABN AMRO BU Global Clients business (as defined
above) as carried on in Brazil, to the extent that such business is comprised
of:

       

       

      
        
          
            

          

          1   
Fortis and RBS acknowledge that they cannot identify accurately with the
currently available information the clients to be allocated to RBS hereunder.
Fortis will as soon as practicable after the acquisition submit to RBS (i) an
analysis of the relevant corporate client portfolio of BU The Netherlands and a
proposal consistent with the agreed criteria, as well as (ii) one or more
proposals for an alternative split of the aforesaid portfolio if deemed
practical. Fortis and RBS will negotiate in good faith to reach agreement on the
clients to be allocated to RBS accordingly as well as, in the event a different
split of clients is agreed, an appropriate value adjustment. In the absence of
agreement, the matter shall be determined in accordance with clause 9 of the
Agreement.

           

          In relation to the Amsterdam dealing
room, a split of the infrastructure shall be agreed between Fortis and RBS in
order to allow Fortis to continue servicing its clients. It is also acknowledged
by RBS, Fortis and Santander, that the physical operation of transaction banking
and Global Markets shall be allocated to and owned by the relevant unit which is
part of the to be Acquired Business.  Dedicated systems supporting
transaction banking activities globally, including international cash
management, international payments and trade finance, shall continue to be
available for the Investors either  on a shared services basis, or by
allowing any such Investor(s) to make the copy or copies required to continue
its activities.

      

       

      
        
          
          

        

        
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                (a)  

              	
                the
      domestic revenues generated and booked in Brazil by Brazilian-domiciled
      global clients;

              

      

       

      
        	
              	
                (b)  

              	
                the
      off-shore booked revenues generated in Brazil by Brazilian-domiciled
      global clients and by Brazilian-domiciled subsidiaries of
      non-Brazilian-domiciled global clients;
and

              

      

       

      
        	
              	
                (c)  

              	
                the
      domestic revenues generated and booked in Brazil by Brazilian-domiciled
      subsidiaries of non-Brazilian-domiciled global
  clients,

              

      

       

      but
for the avoidance of doubt does not include BU Global Clients business revenues
generated outside Brazil by Brazilian-domiciled global clients or
Brazilian-domiciled subsidiaries of non-Brazilian-domiciled global
clients.

       

      Part
2. Santander Acquired Businesses

       

      The
Business Assets of the following businesses and Business Units of the ABN AMRO
Group:

       

      
        	 
    
	
                BU
      Latin America (excluding all former WCS Clients outside of Brazil) (pages
      113 to 115 of ABN AMRO Accounts)

              
	
                BU
      Antonveneta (pages 109 to 111 of ABN AMRO Accounts, excluding everything
      but the Antonveneta accounts)

              
	
                Interbank
      and DMC Consumer Finance, Netherlands (reported under BU Netherlands in
      pages 107 to 109 of the ABN AMRO Accounts but unidentifiable until full
      access to ABN AMRO internal accounting records is available. It is a
      business in a sale process by ABN).

              
	
                Brazil
      Global Clients Business

              
	
                Asset
      Management Brazil

              
	 
    

      

       

      Where:

       

      “Asset Management Brazil” means
ABN AMRO Asset Management Distibuidora de Titulos e Valores Mobiliarios S.A.
less the Carve-out Assets (as defined in a Heads of Agreement between Santander
and Fortis dated 26 February 2008).

       

       

      Part
3. Fortis Acquired Businesses

       

      The
Business Assets of the following businesses and Business Units of the ABN AMRO
Group:

       

      
        	 
    
	
                BU
      Private clients (excluding Latin America) (pages 119 to 120 of the ABN
      AMRO Accounts, excluding the private banking business LatAM and excluding
      Private Clients India and Private Clients Indonesia)

              
	
                BU
      Netherlands (excluding former Dutch Wholesale Clients and Interbank DMC
      Consumer Finance) (pages 107 to 109 of ABN AMRO Accounts, excluding former
      Dutch Wholesale Clients and Interbank Consumer Finance)

              
	
                BU
      Asset Management (excluding Asset Management Brazil) (pages 121 to 122 of
      ABN AMRO Accounts)

              

      

       

      
        
          
          

        

        
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                The
      ABN AMRO Trade Marks (as defined in paragraph 1 of Part 7 of this Schedule
      3)

              
	 
    

      

      

      Part
4 Re- Allocations

      

      The following Business Assets which
are reflected in the Acquired Businesses have been re-allocated from the
different Acquired Businesses and the Retained Businesses respectively with an
effective date for the purpose of the allocation as follows:

      

      
        	
                Business
      Asset

              	
                From

              	
                To

              	
                Effective
      date

              
	
                Private
      Clients India and Indonesia

              	
                Fortis
      Acquired Business

              	
                RBS
      Acquired Business

              	
                1
      January 2008

              
	
                Interest
      in Prime Bank

              	
                Retained
      Business

              	
                RBS
      Acquired Business

              	
                10
      October 2007

              
	
                Brazil
      Global Clients

              	
                RBS
      Acquired Business

              	
                Santander
      Acquired Business

              	
                10
      October 2007

              
	
                Asset
      Management Brazil

              	
                Fortis
      Acquired Business

              	
                Santander
      Acquired Business

              	
                10
      October 2007

              

      

      

      
        
          
          

        

        
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Schedule
B

       

      Schedule
3 - Part 3

      The
Retained Businesses

       

      
        	
                1.  

              	
                Retained
      Businesses

              

      

       

      
        	
                ABN
      AMRO interest in Capitalia

              	 
    
	
                BU
      Private Equity

              	 
    
	
                ABN
      AMRO interest in Saudi Hollandi

              	 
    
	
                The
      costs of eliminating central group functions and, if any, unallocated
      property and unallocated costs

              	 
    
	
                Unallocated
      pension fund deficit or surplus, to the extent not otherwise allocated to
      an Acquired Business under Part 5 of Schedule 3

              	 
    
	
                Other
      unallocated assets and Liabilities (including unallocated contingent
      Liabilities)

              	 
    

      

      

       

      For
the effective date of certain re-allocations of Business Assets out of the
Retained Businesses to certain Acquired Businesses a reference is made to
Schedule 3 – Part 2.

       

      7

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