31.2.12 Securities Advice of Income in the Form of Securities

Credit Commercial de France, 15-APR-1998,

# 24, Kiosk Arcade, London.

Charles de Gualle Avenue,

Paris,

FRANCE.

ZIP-5690 456

Sub: Advice of Income in the Form of Securities - Bonus Issued.

Kind Attention Mr. Richard Gere,

Chief Dealer,

Securities Department

Dear Sir/Madam,

Please be advised about the Income in the form of Securities due to Bonus Securities issued with details as shown below:

Table 31-17 Header

Header	Details
Our Reference	000SE01981050024
Identification of Bonus Securities	Governor and Company, Ordinary Shares
Securities Safekeeping Account deposited	1792471
Quantity of Securities eligible for Bonus	4,000 Shares
Terms of Bonus	1 New Share for Every 2 Shares held
Bonus Record Date	12-APR-1998
Quantity of Bonus Securities Deposited	2000 Shares

Other Information:

Bonus Securities have been deposited in the Safekeeping account as indicated above. Please quote Our Reference in all future correspondence related to above Bonus Issue.

Thanking you,

For Royal Bank of Scotland,

London,

UK.