Subject: RFC - final results and directors disclosure -----------------------From: Liam Murray <Liam.Murray@cairnfin.

com> Date: 29 November 2011 07:16 To: "Craig Whyte (ctw@libertycapital.biz)" <ctw@libertycapital.biz>, "phil.betts@virgin.net" <phil.betts@virgin.net> Cc: Gary Withey <gary.withey@collyerbristow.com>, Avi Robinson <Avi.Robinson@cairnfin.com> Dear Craig Further to our conversation yesterday I have separated out the directors disclosure from the final results announcement. I would be grateful if you could provide the relevant information in particular in relation to the directors disclosure if you still do not have the paperwork the announcement should advise that fact and that it is based on your recollection. I would be grateful if you could advise on proposed timing in the event that the Company will be unable to make the requisite announcements we will need to arrange for the Companys shares to be suspended. Many thanks Liam

Liam Murray, Partner Cairn Financial Advisers LLP 61 Cheapside London EC2V 6AX email liam.murray@cairnfin.com Web www.cairnfin.com Telephone DDI +44 (0) 20 7148 7903 Gen +44 (0) 20 7148 7900 Mob +44(0) 771 Skype Fax +44 (0) 20 7148 7909
This e-mail message and any attachments are confidential and may be legally privileged and are for the use of the addressee only. If the message is received by anyone other than the addressee, you should not use the contents, place any reliance on the contents or disclose the contents to anyone else. Please return the message to the sender by replying to it and then delete the message. Cairn Financial Advisers LLP is registered in England number OC351689 and its registered office is as set out above. Cairn Financial Advisers LLP is authorised and regulated by the Financial Services Authority.

From: Liam Murray Sent: 28 November 2011 08:43 To: Craig Whyte (ctw@libertycapital.biz); phil.betts@virgin.net Cc: 'Gary Withey'; Avi Robinson (avi.robinson@cairnfin.com) Subject: FW: RFC - Unaudited as amended.

Dear Craig Further to my email below, please find (re-)attached latest version of the draft preliminary statement I would be grateful if you could advise on the proposed timing of its release. I have also re-attached our outstanding invoices which I would be grateful if you could advise that they have been approved for November payment? Many thanks Liam
From: Liam Murray Sent: 25 November 2011 09:27 To: Craig Whyte (ctw@libertycapital.biz); phil.betts@virgin.net Cc: Avi Robinson (avi.robinson@cairnfin.com); 'Gary Withey' Subject: RFC - Unaudited as amended.

Dear Craig / Phil Please find attached v1 of the unaudited preliminary results, I have accepted all of Garys proposed changes. There appears to be an error in cash flow I have highlighted the figures in red. The disclosure in relation to Craig also needs to be inserted. I recommend that you get the auditors to review the proposed preliminary statement prior to its release. The deadline for making the preliminary announcement is Wednesday 30 November. I would be grateful if you could advise me as to proposed timetable. Many thanks Liam

Liam Murray, Partner Cairn Financial Advisers LLP 61 Cheapside London EC2V 6AX email liam.murray@cairnfin.com Web www.cairnfin.com Telephone DDI +44 (0) 20 7148 7903 Gen +44 (0) 20 7148 7900

Mob +44(0) 7710 331 424 Skype murrayliam Fax +44 (0) 20 7148 7909
This e-mail message and any attachments are confidential and may be legally privileged and are for the use of the addressee only. If the message is received by anyone other than the addressee, you should not use the contents, place any reliance on the contents or disclose the contents to anyone else. Please return the message to the sender by replying to it and then delete the message. Cairn Financial Advisers LLP is registered in England number OC351689 and its registered office is as set out above. Cairn Financial Advisers LLP is authorised and regulated by the Financial Services Authority.

From: Gary Withey [mailto:gary.withey@collyerbristow.com] Sent: 24 November 2011 19:29 To: Liam Murray Cc: Craig Whyte; phil.betts@virgin.net Subject: Unaudited as amended.

---------From: Craig Whyte <ctw@libertycapital.biz> Date: 29 November 2011 10:48 To: Ian McKerron <ianmckerron@gmail.com>, GORDON HAY <hay141@btinternet.com>

Ian/Gordon, Please see attached which we are planning to release tomorrow. We can still make changes to the narrative and I wondered if you had any comments. Thanks, Craig

---------From: Craig Whyte <ctw@libertycapital.biz> Date: 29 November 2011 11:19 To: Liam Murray <Liam.Murray@cairnfin.com> Cc: "phil.betts@virgin.net" <phil.betts@virgin.net>, Gary Withey <gary.withey@collyerbristow.com>, Avi Robinson <Avi.Robinson@cairnfin.com>

Liam,

I've got the PR guys going over the announcement at the moment. Hope to get back to you before close of play. Regards, Craig ---------From: Gary Withey <gary.withey@collyerbristow.com> Date: 29 November 2011 11:20 To: Craig Whyte <ctw@libertycapital.biz>
Your imessager is not working for some reason. Gary Withey Partner T (Direct) +44 (0)20 7468 7234 F (Direct) +44 (0)20 7468 7334

From: Craig Whyte [mailto:ctw@libertycapital.biz] Sent: 29 November 2011 15:20 To: Liam Murray Cc: phil.betts@virgin.net; Gary Withey; Avi Robinson Subject: Re: FW: RFC - final results and directors disclosure
Collyer Bristow LLP solicitors 4 Bedford Row, London WC1R 4DF DX 163 London Chancery Lane www.collyerbristow.com Switchboard +44 (0)20 7242 7363

Collyer Bristow LLP is a limited liability partnership registered in England under number OC318532, registered office 4 Bedford Row, London WC1R 4DF. It is authorised and regulated by the Solicitors Regulation Authority under number 441900. Any reference to a partner means a member of the LLP or an employee with equivalent standing and qualifications. A list of the members is available for inspection at the above address. This email may contain confidential or privileged information. If you have received it by mistake please notify us immediately and delete it from your system. Collyer Bristow LLP may monitor email traffic data and the content of emails for the purposes of security.

---------From: Liam Murray <Liam.Murray@cairnfin.com> Date: 29 November 2011 11:54 To: Craig Whyte <ctw@libertycapital.biz> Cc: "phil.betts@virgin.net" <phil.betts@virgin.net>, Gary Withey <gary.withey@collyerbristow.com>, Avi Robinson <Avi.Robinson@cairnfin.com>
Thanks Craig

If at all possible it would be desirable to get the announcements released at 7am tomorrow morning. We have had a number if shareholders contacting us already requesting an update! Regards Liam
From: Craig Whyte [mailto:ctw@libertycapital.biz] Sent: 29 November 2011 15:20 To: Liam Murray Cc: phil.betts@virgin.net; Gary Withey; Avi Robinson Subject: Re: FW: RFC - final results and directors disclosure

Liam, ---------From: Ian McKerron <ianmckerron@gmail.com> Date: 29 November 2011 13:03 To: Craig Whyte <ctw@libertycapital.biz> Cc: GORDON HAY <hay141@btinternet.com>

Hi Craig We have had a good look at the statement and think it is fine. In relation to the disclosure about the disqualification, we need to ensure that the Sunday Herald does not try to claim any credit since it is clear that once you realised that this had to be disclosed to the Plus SX, arrangements were made to do so long before the Sunday Herald story (which wasn't followed up anyway). We have agreed that any Press inquiries in relation to either statement should, in the first instance, go through the press office and that Carol/Stephen will call us if they need further guidance. Best Ian -IAN McKERRON hay-mckerron associates 07740 510411

---------From: Philip Betts <phil.betts@virgin.net> Date: 30 November 2011 03:06 To: Craig Whyte <ctw@libertycapital.biz>

I guess the shares will be suspended today then and that this is down to Gary!?

Phil Begin forwarded message:

From: Liam Murray <Liam.Murray@CairnFin.com> Subject: RE: FW: RFC - final results and directors disclosure Date: 29 November 2011 15:54:36 GMT To: Craig Whyte <ctw@libertycapital.biz> Cc: "phil.betts@virgin.net" <phil.betts@virgin.net>, Gary Withey <gary.withey@collyerbristow.com>, Avi Robinson <Avi.Robinson@CairnFin.com>

---------From: Craig Whyte <ctw@libertycapital.biz> Date: 30 November 2011 03:15 To: Philip Betts <phil.betts@virgin.net> As far as I'm aware they'll be out later today. Sent from my iPhone ---------From: Philip Betts <phil.betts@virgin.net> Date: 30 November 2011 03:27 To: Craig Whyte <ctw@libertycapital.biz> That would be good, it's just that Grier has it as a topic to discuss tomorrow, so I assumed all was not finished. Fingers crossed! See you later. Phil ---------From: Craig Whyte <ctw@libertycapital.biz> Date: 30 November 2011 03:52 To: Liam Murray <Liam.Murray@cairnfin.com> Cc: "phil.betts@virgin.net" <phil.betts@virgin.net>, Gary Withey <gary.withey@collyerbristow.com>, Avi Robinson <Avi.Robinson@cairnfin.com>

Liam,

A couple of changes also required to my statement. It refers to a profit of 2.4m which does not tie in with the numbers that we are announcing. Also it refers to 'Europa League games' this should just read European games. Thanks, Craig ---------From: <phil.betts@virgin.net> Date: 30 November 2011 04:04 To: Craig Whyte <ctw@libertycapital.biz> No word from Ross on conference call tonight. I have chased by email and text, but had no reply. No doubt he'll come back to us during the day. Phil Sent from my BlackBerry wireless device From: Craig Whyte <ctw@libertycapital.biz> Date: Wed, 30 Nov 2011 07:52:39 +0000 To: Liam Murray<Liam.Murray@cairnfin.com> Cc: phil.betts@virgin.net<phil.betts@virgin.net>; Gary Withey<gary.withey@collyerbristow.com>; Avi Robinson<Avi.Robinson@cairnfin.com> Subject: Re: FW: RFC - final results and directors disclosure

---------From: Liam Murray <Liam.Murray@cairnfin.com> Date: 30 November 2011 04:41 To: Craig Whyte <ctw@libertycapital.biz> Cc: "phil.betts@virgin.net" <phil.betts@virgin.net>, Gary Withey <gary.withey@collyerbristow.com>, Avi Robinson <Avi.Robinson@cairnfin.com>
Craig I will amend and recirculate for approval Regards Liam
From: Craig Whyte [mailto:ctw@libertycapital.biz] Sent: 30 November 2011 07:53

To: Liam Murray Cc: phil.betts@virgin.net; Gary Withey; Avi Robinson Subject: Re: FW: RFC - final results and directors disclosure Liam,

---------From: hay141@btinternet.com <hay141@> Date: 3 December 2011 07:26 To: Craig Whyte <ctw@libertycapital.biz>

Hi Craig, Tom English had said he'll have a pop at Paul Murray in his column tomorrow (sun). Scotsman used his comments on the back page with our responses ie. Irrelevant and of no consequence. Regards, Gordon Hay Sent from my iPhone <Director disclosure.doc> <RFC prelims 30 June 2011 v2.doc>