Article 2 TransfersI1

United Kingdom

(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.

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