Notice of release of guarantors given by Co-operative Group Holdings (2011) Limited

October 08, 2014

Notice of release of guarantors given by Co-operative Group Holdings (2011) Limited ((previously known as CRS (Properties) Limited), an industrial and provident society incorporated and registered in England and Wales under the Industrial and Provident Societies Act 1965 to 2003 with registered number IP28501R)

(the "Issuer")

to the holders of those of the

£450,000,000 5.625 PER CENT. GUARANTEED NOTES DUE 2020

(ISIN: XS0629969352)

and

£350,000,000 6.250 PER CENT. GUARANTEED NOTES DUE 2026
 (ISIN: XS0629974352)

of the Issuer presently outstanding
 (the "Noteholders" and the "Notes" respectively).

NOTICE IS HEREBY GIVEN pursuant to Condition 13 of the Notes that, each of Bestway Pharmacy NDC Limited (formerly known as Co-operative Pharmacy National Distribution Centre Limited) and Bestway Panacea Healthcare Limited (formerly known as Co-operative Group Healthcare Limited) has, in accordance with Condition 3.3 of the Notes and Clause 6.12 of the Trust Deed, been released as a Guarantor in respect of the Notes.

PRINCIPAL PAYING AGENT

The Bank of New York Mellon
 London Branch
 One Canada Square
 United Kingdom

TRUSTEE

BNY Mellon Corporate Trustee Services Limited
 40th Floor
 One Canada Square
 London E14 5AL
 United Kingdom
 
This Notice is given by:

Co-operative Group Holdings (2011) Limited
1 Angel Square
 Manchester
 M60 0AG