ROYAL BK SCOTLAND GROUP PLC

CUSIP: 780097788 Class: PREFERRED STOCK

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

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

Q3 2015
Shares 970,919 Value ($000) $5,604 Avg Close — Range —
Q2 2015
Shares 970,919 Value ($000) $23,525 Avg Close — Range —
Q1 2015
Shares 1,370,919 Value ($000) $33,409 Avg Close — Range —
Q4 2014
Shares 1,320,919 Value ($000) $31,094 Avg Close — Range —
Q3 2014
Shares 1,320,919 Value ($000) $30,605 Avg Close — Range —
Q2 2014
Shares 526,164 Value ($000) $12,141 Avg Close — Range —