Корпоративное действие SKYE CLO 1 LTD/E/REGS/VAR/ 00/03/19 EUR — a modified dutch auction

Information source: agent, lucid issuer services limited, london .

Purpose of the offer .

The offers provide an opportunity for the holders of the notes to Tender such notes for cash. They allow rbs to purchase some of The notes at a discount to the original issuance price .

Purchase price .

The purchase price will be determined by a modified dutch auction (a bidding process).

. For the competitive offer: You need to send a bid price in percentage higher than the minimum Tender price of 89 percent. This bid price needs to be in integral multiples of 0.05 percent .

. For the non-competitive offer: Send an instruction without specifying a bid price .

The agent will consider any instruction submitted without Featuring a bid price, or with a bid price equal or lower than The minimum tender price as part of the non-competitive offer .

Subject to the passing of the extraordinary resolution and the Execution of the relevant supplemental trust deed, valid Instructions specifying a bid price greater than the final Purchase price announced by the agent, will be entitle to receive An ’unsuccessful tender amount’ of 1.25 percent’ and will keep Their instructed positions .

Skye call option .

If rbs does not accept for purchase any or all notes tendered in An offer at or below the relevant purchase price the relevant Extraordinary resolution is not passed and/or rbs decides not to Exercise the relevant mandatory purchase option at the relevant Time, any skye notes that remain outstanding will remain subject To the skye conditions. .

Under the skye conditions, the skye notes may be redeemed at the Option of holders of at least 66 per cent of the aggregate Principal amount outstanding of each of the skye subordinated Notes and the skye combination notes .

Accrued and unpaid interest .

Accrued and unpaid interest will be paid up to, but not Including, the settlement date .

Minimum exercise amount .

You need to tender in a minimum denomination of eur 100,000 and In multiples of eur 1,000 in excess thereof, in order to validly Submit an instruction for the modified dutch auction .

Minimum aggregate offer acceptance amount .

The modified dutch auction is not conditional on a minimum
Aggregate amount of securities being tendered .

Maximum aggregate offer acceptance amount .

Rbs is offering to purchase any and all of the outstanding notes
You can instruct on either part or all of your total position .

Proration .

Not applicable .

Poolfactor .

The outstanding amount of the notes including previous partial
Reimbursements, are taken into account when calculating the
Proceeds .

Market timetable .

Market expiry date: 08/12/11 at 16:00 london time
Announcement of purchase prices: 20/12/11
Holders meeting: 21/12/11
Announcement of results and execution of the supplemental trust
Deeds: 21/12/11 as soon as practicable after the meeting
Expected settlement date: 04/01/11 .

Meeting .

At the same time as the tender offer, the issuer is asking for Your consent to the proposed amendments .

Important note: .

If you provide a bid price which is higher than the purchase price Determined by the agent, you automatically vote against the Proposed resolutions .

If you provide a bid price lower or equal to the purchase price Determined by the agent, you automatically vote in favor of the Proposed resolutions. .

If you wish to consent to the proposed amendments but not tender Your notes or if you wish to attend the meeting, refer to the Corporate action event number ’6131752′ .

Proposal: .

To approve the requisite modifications to the terms and Conditions of such series to provide for the offeror to have the Option to purchase all, but not some only, of the notes of that Series remaining (if any) on completion of the relevant offer at A mandatory purchase price. For more details on the proposal and The mandatory purchase price, please refer to page iii of the Offer memorandum.

Withdrawal rights .

Instructions for the modified dutch auction are irrevocable, Except in the limited circumstances described in the tender offer Memorandum .

Conditions .

Refer to the tender offer documentation for the conditions of This tender offer. .

Restrictions .

Certain restrictions apply at beneficial owner level for the Following countries:
United states
Jersey
Cayman islands
Italy
United kingdom
France
Belgium.

Further restrictions may apply. Refer to the tender offer
Documentation for the restrictions of this tender offer .

Tender agent .

Lucid issuer services limited
Leroy house
436 essex road
London n1 3qp
United kingdom
Telephone: +44 20 7704 0880
Attention: david shilson/yves theis
Email: rbs(at)lucid-is.com .

This corporate action notification does not constitute an offer To sell or the solicitation of an offer to buy any securities by Anyone in any jurisdiction.
It is not, and should not be construed or treated as, investment Or financial advice. In providing this information, euroclear Bank is not acting as agent of the issuer.
By sending an instruction to euroclear bank, you confirm that you (and any beneficial owner(s) for whom you act) comply with the Terms and conditions of the offer.
If no instruction is required via euroclear bank for this Corporate action, you should ensure full compliance with the Terms of the offer and the agent’s requirements.