ROYAL BK SCOTLAND GROUP PLC

CUSIP: 780097747 Class: ADR PREF SHS R

Varde Management, L.P.'s Holding History (CIK: 0001559130)

Note: Option positions (PUT/CALL) are excluded.

Q3 2014
Shares 130,254 Value ($000) $3,103 Avg Close — Range —
Q2 2014
Shares 130,254 Value ($000) $3,075 Avg Close — Range —