ROYAL BK SCOTLAND GROUP PLC

CUSIP: 780097BB6 Class: NOTE 8.625%12/3

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

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

Q1 2017
Shares 15,272,000 Value ($000) $14,947 Avg Close — Range —
Q4 2016
Shares 54,000,000 Value ($000) $53,730 Avg Close — Range —