---------- Forwarded message ---------From: Imran Ahmad <sheik.iahmad@gmail.

com> Date: 21 June 2012 11:51 Subject: Fwd: Follow Up To: Aidan Earley <aidanearley@blueyonder.co.uk>, Craig Whyte2 <ctw@libertycapital.biz> Cc: Chris Morgan <CMorgan@managingrisc.com>

Let's make it happen. You can set up your own SPV to make the loan as long as the directors are arms length etc from Fund. Think this is much more achievable than a complicated investment agreement

Begin forwarded message: From: S K ali <skali138@gmail.com> Date: 21 June 2012 11:40:34 GMT+01:00 To: sheik.iahmad@gmail.com, chrismorgan335@hotmail.com Subject: Follow Up Dear Imran, I have been in touch with a number of the investors this morning and they would be grateful for clarification on the following issues. 1. The potential investor for GBP8mm - why do you not structure this as a loan with a coupon and provide security over some of the assets of the Club? 2. Realistically the only asset that could be of use to a lender is the Training Ground 3. Our suggestion would be two 5 year loans for up to GBP 4mm each with GBP 4mm due next week. The other GBP 4mm callable by the Club at any time after 1 October and puttable by the lender at any time from date of signing. so if they have funds available earlier then the Lender can force the Hold Co to take the money, otherwise if, as the Lender has stated, its funds are only available after 1 October the Hold Co will not be able to ask for funds until then. (of course if they don't have the funds in October and Hold Co calls then Lender will be in breach and the commitment for accepting their additional GBP 4mm would fall away) 4. Coupon of 8% per annum 5. Secured against Training Ground 6. Club has right to repay after a minimum of 1 year after drawdown on each tranche 7. Warrants at 50p for ____ shares (to be discussed) 8. Lender has right to appoint 2 non-execs to the Board (which we know would be subject to usual fit and proper tests) This would appear to be a fair structure and one which should achieve all that they want but also provide the Hold Co with the flexibility that it needs.I also believe that this "direct" lending avoids the need to put in place structures that make the Lender uncomfortable. I suggest you move this forward asap. Regards SK