Address

Removed

April 16^th 2007

Dear Dr Marks,

Replacing the Opt Out

Thankyou for your April 12th letter on the above subject addressed to the Trustee Directors. I will ensure that they receive a copy.

I wish to point out that the Trustee is not engaged in consultation.

The Trustee Directors have held a number of discussions concerning the new opt out arrangements. During one of these it was suggested and agreed that I would contact the Employee Forum and the Retiree Clubs to see if they would be interested in sharing any views they may have on the above subject with the Trustee. This I have done.

The Retiree Clubs are organisations with whom I have existing long term relationships and indeed have been invited to speak to them on Pension matters from time to time in the past. In addition, I believe that the Employee Forum has a remit which is ideally suited to consider matters of this nature. Both of them are democratic organisations.

Yours sincerely,

David Newman

Pensions Trust Manager