PART 2TRANSFER AND REGISTRATION OF SHARES AND EXTINGUISHMENT OF RIGHTS ETC

Transfers2

1

By virtue of this Order, the shares in Northern Rock are transferred to the Treasury Solicitor as nominee of the Treasury.

2

The transfer of shares effected under paragraph (1) shall vest title in the Treasury Solicitor—

a

free from all trusts, liabilities and incumbrances; and

b

together with all rights, benefits or privileges which attach or accrue to or arise from such shares on or after the effective time.

3

The transfer under paragraph (1) takes place at the effective time.