Корпоративное действие действие THE ROYAL BANK OF S VAR 27/07/10 — exchange the existing note

Event details
Information source : agent, citigroup corporate and investment banking, London.

Purpose of the offer
Renaissance securities (cyprus) limited, acting on behalf of Ritzio International Limited, is offering to exchange the existing note, issued by the Royal Bank of Scotland PLC, for USD 100,000,000 zero coupon guaranteed bonds due 2017 issued by Ritzio International Limited.

Exchange ratio
USD 357 of new notes per USD 1,000 OF 031281075/XS0312810756.

Accrued and unpaid interest
The new notes and/or cash consideration, as applicable, are deemed to include all accrued and unpaid interest on the existing notes no additional payment for or on account of accrued interest will be paid.

Minimum exchange amount
In order to receive new notes, as a noteholder you need to exchange at least USD 281,000 of 031281075/xs0312810756, and thereof in multiples of USD 1,000.

If the instruction to exchange would result in an entitlement of less than usd 100,000 (minimum denomination) of new notes, no new notes shall be delivered, but instead a cash consideration of USD 70 per USD 1,000 031281075/XS0312810756.

Maximum exchange offer amount
The company is offering to exchange any or all of its outstanding notes. you can instruct for either a part of or all your position.

Cash fractions
Any fractions will not be compensated in cash.

Details of the new notes
USD 100,000,000.00 zero coupon guaranteed bonds due 2017 issued by Ritzio International Limited.

The new notes will be in registered form and issued in a minimum denomination of USD 100,000.00 and integral multiples of USD 1,000 in excess thereof. The new notes will initially be issued in global form.

The terms and conditions of, and other information relating to, the new notes are set out in appendix a of the exchange offer and consent solicitation memorandum.

Market timetable
Market expiry date: 23/05/10 16.00 GMT
Noteholder meeting: 25/05/10 16.00 GMT
Notice of results and delivery by the issuer of the call notice:
26/05/10 (deemed delivered to noteholders on 27/05/10 in accordance with condition 18 of the existing notes)
Cut off date: 08/06/10
Early redemption confirmation date: 29/06/10
Expected exchange offer settlement date and call consideration transfer date: 02/07/10
Expected final settlement date: 07/07/10.

Meeting
Concurrently with the exchange offer, renaissance, on behalf of the issuer, is soliciting consents from noteholders to approve the extraordinary resolution.

By offering their existing notes for exchange in the exchange offer or by submitting a noteholder cash request, noteholders will be deemed to have requested the exchange and tabulation agent to attend the noteholder meeting on their behalf and cast the votes relating to their existing notes in favour of the extraordinary resolution at the meeting of noteholders convened to consider and, if thought fit, pass the extraordinary resolution in respect of the proposed amendments and their implementation.

The proposed amendments will, inter alia, permit the issuer to redeem any non-participating notes on the final settlement date and surrender such existing notes to the paying agent for cancellation in accordance with condition 5(F)  and 5(G)  of the conditions of the existing notes.

A noteholder meeting will be held for the existing notes. the noteholder meeting will take place on 23/05/10 aT 16.00 GMT at Lovels LLP, Atlantic House, Holborn Viaduct, London, EC1A 2FG.

Noteholders are not obliged to participate in the offer, and may, if they wish, vote against the proposed amendments, but such noteholder should be aware that if the proposed amendments are duly approved at the noteholder meeting, existing notes held by them might be subject to redemption by the issuer on the final settlement date in exchange for the cash consideration (USD 70 per USD 1,000) or, if such noteholder validly submits an asset transfer notice, the new notes.

Please refer to event number 3018461 in order to participate to the meeting without exchanging.

Withdrawal rights
Instructions to exchange are irrevocable, except in the limited circumstances stated in the exchange offer memorandum (see ’amendment of offer terms, revocation’).Instructions to exchange are irrevocable, except in the limited circumstances stated in the exchange offer memorandum (see ’amendment of offer terms, revocation’).

Conditions
Refer to the exchange offer and consent solicitation memorandum for the conditions of this exchange offer.

Restrictions
Certain restrictions apply for the following countries: United States, Cyprus, Italy, The Russian Federation, United Kingdom, Canada, Australia and Japan.

Further restrictions may apply. refer to the exchange offer and consent solicitation memorandum for the restrictions of this exchange offer.

Information agent
Exchange and tabulation agent
Citibank, N.A., London Branch
14th floor — Citigroup Centre
Canada Square
London E14 5LB
United Kingdom
Telephone Number: +44 20 7508 3867
Fax: +44 20 3320 2405
Attention: Exchange/tender offer team
Email: exchange.gats(at)citi.com