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$ Private & Confidential 21 October 2010 Dear Stuart, Re Project Charlotte Thank you for your time yesterday.

Co!!yer 1ristow LL+ so!icitors 8 1edford )ow, London /C1) 8D* T "Direct% :88 "0%20 ;8;0 881= F "Direct% "Direct% :88 "0%20 ;8<6 ;5;8 M 0;;<; <12<77 E &ary.witheyBco!!yerbristow.com DX 1<5 London Chancery Lane !r ref" 0-/>78<5<.1 #o!r ref"

I write to confirm that we act for Liberty Ca ita! Limited and wi!! act for a to be formed new com any "#$ewco#% which is to become the biddin& 'ehic!e in res ect of the ro osed offer to ac(uire the issued share ca ita! of The )an&ers *ootba!! C!ub +LC "#)*C#%. It is antici ated that $ewco wi!! be formed durin& the course of today. Once it is formed I wi!! send o'er to you the com any re&istration detai!s. ,s a&reed I am writin& to set out for you and your c!ient detai!s of the ro osed transaction and the $ewco team. +!ease note that there is no firm intention to make an offer and nothin& in this !etter shou!d be re&arded as a firm intention to make an offer for the ur oses of the City Code on Takeo'ers and -er&ers "Code% re(uirin& $ewco or indeed Liberty Ca ita! Limited to make an announcement under )u!e 2.2 of the Code. The ur ose of this !etter is to ro'ide both you and your c!ients with a de&ree of comfort, it is not to re !ace the memorandum of understandin& which I understand has been re ared by O!swan&s. $ewco wi!! be a com any incor orated and re&istered in .n&!and and /a!es. It has been decided that for reasons of trans arency that the biddin& team wi!! dis ense with the use of a 0uernsey com any. The directors of $ewco wi!! be ,ndrew .!!is, Chris ,kers and Crai& /hyte. The entire issued share ca ita! of $ewco wi!! be owned either direct!y or indirect!y by the three directors. It is ro osed that the !awyers to $ewco wi!! be Co!!yer 1ristow. I understand that O!swan&s wi!! continue to act on beha!f of -r .!!is and -r ,kers. I ha'e been ro'ided with a !etter from a 23 financia! institution confirmin& that Liberty Ca ita! Limited has a'ai!ab!e to it u to 455 mi!!ion for the ac(uisition of )*C. I confirm that this !etter is from an *S,

Co!!yer 1ristow LL+ is a !imited !iabi!ity artnershi re&istered in .n&!and under number OC516752, re&istered office 8 1edford )ow, London /C1) 8D*, and is re&u!ated by the So!icitors )e&u!ation ,uthority. ,ny reference to a artner means a member of the LL+ or an em !oyee with e(ui'a!ent standin& and (ua!ifications. , !ist of the members is a'ai!ab!e for ins ection at the abo'e address. Co!!yer 1ristow LL+ is an In'estor in +eo !e and is Le9ce! accredited. www.collyerbristow.com L;8<625='1 20>10>2010 20?50 Switchboard :88"0%20 ;282 ;5<5

re&istered asset mana&ement com any and I ha'e no reason to doubt their bona fides. ,t this moment in time howe'er they ha'e asked if you wou!d res ect their wish for their in'o!'ement to remain confidentia!. This !etter and its contents are strict!y confidentia! and a!! corres ondence or en(uiries in connection with this !etter shou!d be directed e9c!usi'e!y to me at Co!!yer 1ristow, 8 1edford )ow, London /C1) 8D*. If I can ro'ide any further comfort without breachin& the desired !e'e! of confidentia!ity !ease do !et me know. Cours sincere!y

0ary /ithey +artner Co!!yer 1ristow LL+

Co!!yer 1ristow LL+ is a !imited !iabi!ity artnershi re&istered in .n&!and under number OC516752, re&istered office 8 1edford )ow, London /C1) 8D*, and is re&u!ated by the So!icitors )e&u!ation ,uthority. ,ny reference to a artner means a member of the LL+ or an em !oyee with e(ui'a!ent standin& and (ua!ifications. , !ist of the members is a'ai!ab!e for ins ection at the abo'e address. Co!!yer 1ristow LL+ is an In'estor in +eo !e and is Le9ce! accredited. www.collyerbristow.com L;8<625='1 20>10>2010 20?50 Switchboard :88"0%20 ;282 ;5<5