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BNY MELLON The Bank of New York Mellon +44(0)20 7570 1784(International) LimitedOne Canada SquareLondon E14 5AL

The Board of Directors

RBS Collective Investment Funds Limited ( RBSCIFL )24-25 St Andrews Square

EdinburghEH2 1AF

15th January 2019

Dear Sirs,

RBS Investment Funds ICVC (the Company )Extraordinary General Meeting of Shareholders re proposed schemes of arran ement

Whilst not currently performing any role, The Bank of New York Mellon (International) Ltd will beappointed as depositary of RBS Investment Funds ICVC with effect from midnight on 28th February

Based on the form of the circular letter issued by you in respect of the proposed schemes of

Company (as set out in the Schedule attached to this letter), we make the following confirmations:

1. Whilst expressing no opinion on the merits of the proposals, we can confirm that the proposal

is in a form suitable to be placed before shareholders for their consideration. We also consent

to the references made to us in the circular in the form and context in which they appear.

2. We appoint Keith Miller, Flead of Fund Governance ( RBSCIFL ), or failing him any dulyappointed representative of RBSCIFL to be the chairman of the meetings or any adjournment

thereof.

3. We have no objections to the place for the lodging of Proxy Cards and Powers of Attorney or

other authorities which you have directed in the Notices convening the meetings.

4. We have no objections to the form of proxy to be sent to shareholders in the existing sub¬

funds of the Company in relation to the meeting.

5. We have no objections to the time and place proposed for the meetings as specified in the

Notices convening the meetings.

Yours faithfully,

2019.

arrangement for the merger of the existing sub-funds of the Company with the new sub-funds of the

Daniel Watts - Technical Manager

For and on behalf of The Bank of New York Mellon (International) Limited

The Bank of New York Mellon (International) Limited is registered in England & Wales with Company 3236121 with its Registered Officeat One Canada Square, London E14 5AL. Authorised by the Prudential Regulation Authority and regulated by the Financial ConductAuthority and the Prudential Regulation Authority.

Schedule to the letter dated 15th J nuary 2019

Existing Sub-Fund New Sub-Fund

Equity Income Fund into UK Equity Fund

Growth Fund into UK Equity Fund

High Yield Fund into Global Bond Fund

Extra Income Fund into Global Bond Fund

Balanced Fund into Managed Growth Fund

International Growth Fund into Managed Equity Growth Fund

each an existing sub-fund of RBS

Investment Funds ICVCeach a new sub-fund of RBS Investment

Funds ICVC