TOWLES LTD. RETIREMENT BENEFITS PLAN (1977)

PURSUANT TO SECTION 27 OF THE TRUSTEE ACT 1925

The Towles Ltd. Retirement Benefits Plan (“The Scheme”) was established with efffect from 1st November 1977. Towles Plc went into Administrative Receivership on 27th May 1997. On 30th June 1997, Bradstock Trustee Services Limited of registered office, Knollys House, 9-13 Byward Street, London EC3R 5AS, was appointed Independent Trustee of the scheme and has since proceeded with its winding-up. Bradstock Trustee Services Ltd. have corresponded by post with all known members of the scheme. Accordingly, it is of vital importance that any person having a claim against or an interest in the scheme, including any person who may have been employed by the Company or an associated employer on a part time basis and who considers that his or her exclusion from the scheme may have constituted indirect discrimination, who has not received correspondence from us should make themselves known to the Trustees of the scheme. This notice only applies to former staff members and directors of Towles Plc not to ex employees with membership or eligibility for membership of the Legal & General Works Scheme or Group Personal Pension. Particulars of any claim should be sent in writing to the undermentioned contact on or before 27th January 1999, after which date Bradstock Trustee Services Ltd. will proceed with the winding-up of the scheme and distribution of the scheme assets having regard only to the claims and interests of which it has had notice. Notification is not required from persons who are currently in receipt of a pension from the Scheme, or who have received correspondence relating to this scheme from Bradstock Trustee Services Ltd. A. Bakewell, Bradstock Trustee Services Ltd., Hine House, 25 Regent Street, Nottingham NG1 5BU.