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From: Ross Bryan <RBryan@octopusinvestments.com> Date: 1 March 2011 11:50:07 GMT To: "phil.betts@virgin.net" <phil.betts@virgin.net>, Craig Whyte <ctw@libertycapital.

biz> Cc: John Thorpe <JThorpe@octopusinvestments.com> Subject: Confidentiality

Morning Gents The email below was brought to my attention as part of a peripheral enquiry from Paul Hassall through our relationship manager, Sam Jermy on the topic of VCTs in fact. However, as you can clearly see the assistance of Octopus on the GRFC deal is clearly something of an open secret. Im not sure of the extent of Pauls knowledge or how much he may have gone on to say to others, but (having cut off the discussion at this end with Sam), I think it would be in both our interests to ensure Paul does not reference us with the deal again, to anyone. It would be all too easy for Chinese whispers to crater the deal I fancy, for reasons Im sure you now all to well. Thanks Ross
________________________________________ Ross Bryan Investment Manager Octopus Investments 20 Old Bailey London EC4M 7AN Map 0207 776 3160 www.octopusinvestments.com AAA rated by Citywire for Investment Planning VCT Provider of the Year 2007, 2008, 2009 & 2010 Best Tax and Estate Planning Solutions Provider 2009 & 2010

From: Paul [mailto:pjhassall@btopenworld.com] Sent: 01 March 2011 10:34 To: Sam Jermy; Leon Clarance Subject: RE: Merchant House Finance

Good morning gentlemen I hope you are both well as it has been some time since our first meeting. I know that you are assisting Craig Whyte with the Rangers Football Club case and wondered if that is now near to completion.

In the meantime I have a couple of other opportunities but just wanted to know if you can look to overseas investments or whether or not they must be UK based. Perhaps you can let me know before I put forward some details of what I had in mind. I look forward to hearing from you. Kind regards Paul