Exhibit 4.10

---





Back to Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|Lord
    Burns                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | Abbey
    National plc               
|Chairman                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Abbey
    National House plc         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | 2
    Triton Square                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Regent’s
    Place                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | London
    NW1 3AN                   
|30th May
    2003                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | Telephone
          020 7756 5534    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Facsimile
    020 7756 5644          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | email terry.burns@abbeynational.co.uk
|STRICTLY PERSONAL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|Mr
    K. Woodley                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                                      
|Deputy
    Chairman                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                                      
|Abbey
    National plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |                                      
|Rectory Cottage                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |                                      
|Combe
    Hay                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                      
|Bath
    BA2 TEG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|DEPUTY CHAIRMAN’S
    FEE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|Following
          a review by the Board, I am pleased to inform you that your fee as
          Deputy Chairman has been increased
by £10,000, from £115,000 per annum to £125,000 per annum.
This fee includes £5,000 per annum in recognition of your role as Chairman
of the expanded Audit and Risk Committee. The increase will be effective from
1st
June
2003 and the first payment of the new fee will be made in September 2003.                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|You
          currently contribute £5,000 per quarter from your gross fee to
          the Payment in Shares scheme for Non-Executive Directors. If you wish
          to change this as a consequent of the fee increase, please complete
          and return the attached mandate form (which I will then need to countersign
          under the Share Dealing Code). If you decide to change your contribution,
          the first payment under the new arrangement will also be made in September
    2003.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                                      
|Registered
        office: Abbey National House, 2 Triton Square. Regent’s Place, London
    NW1 3AN                                                                                                                                                                                                                                                                                                                                                                                                               
|Registered
        number: 2294747, Registered
    in England.                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Abbey
            National plc, which is regulated by the Financial Services Authority,
            only advises on its own life assurances, pension and collective investment
    scheme products. CPLH 0491 (B/02)                                                                                                                                                                                                                                                                                               

---



Back to Contents

|                                                                                                                                                                                                                                                   | Ian
    K Treacy
    Company Secretary | •
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------- | -
|                                                                                                                                                                                                                                                   |                                        |  
|                                                                                                                                                                                                                                                   |                                        |  
|Keith Woodley Esq.,                                                                                                                                                                                                                                |                                        |  
|11 Sion Hill,                                                                                                                                                                                                                                      |                                        |  
|Bath,                                                                                                                                                                                                                                              |                                        |  
|BA1 2UH.                                                                                                                                                                                                                                           |                                        |  
|                                                                                                                                                                                                                                                   |                                        |  
|                                                                                                                                                                                                                                                   |                                        |  
|14th June 1996.                                                                                                                                                                                                                                    |                                        |  
|                                                                                                                                                                                                                                                   |                                        |  
|                                                                                                                                                                                                                                                   |                                        |  
|                                                                                                                                                                                                                                                   |                                        |  
|                                                                                                                                                                                                                                                   |                                        |  
|Dear Keith,                                                                                                                                                                                                                                        |                                        |  
|                                                                                                                                                                                                                                                   |                                        |  
|I am writing to you with details
        about your forthcoming Board appointment, and we look forward to your
        attendance
        at your first Meeting on Tuesday 24th September 1996 at 9.30 a.m. here
    at Abbey House, Baker Street.

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------
|1. | DIRECTORS’ FEES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           
|   | The current basic
    fee is £18,000 per annum payable quarterly inarrears
    at the end of March, June, September and December. Ifyou
    are agreeable to your Fee being sent direct to your bank Iwould
    be grateful if you could let me know the name and addressof
    your bank, the code number and account number. Perhaps youcould
    also advise your PAYE Coding and National Insurancenumber
    (and send any exemption certificate) so our SalariesOfficer
    can sort out the necessary details. Additional fees are paidin
    respect of membership of Board Committees. |           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           
|   | At its meeting in May the Board
       agreed that the basic fee should beincreased
       to £20,000
    per annum with effect from 1st January 1997.                                                                                                                                                                                                                                                                                                                                                                                                                                          |           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           
|2. | EXPENSES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | APPENDIX I
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           
|   | Any incidental expenses you incur in attending
       Board Meetings or other functions of the Company will be met
       and a few claim forms are enclosed for you to furnish to me whenever convenient
       to you.                                                                                                                                                                                                                                                                                                                                                                        |           

---



Back to Contents

|3. | SHARE DEALING CODE                                                                                                                                                                                                                                                                                                                                                                                                                                                              | APPENDIX II                                                                                                                                                                                                                                                                                                                
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   | As a Director of
       Abbey National plc you will be in regular receipt of potentially
       price sensitive information and accordingly you will be
       subject to the Company’s Share Dealing Code. A copy of the Code
       is enclosed and I would be obliged if you could study this carefully,
       complete the receipt and return it to me. In particular may
       I draw your attention to the need to obtain prior clearance for any
    proposed dealing. |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   | If you do decide to deal in Abbey National
       shares then detailshave to be forwarded
       to the Company within five working days ofthe
       transaction and we are obliged to enter the details in statutoryregisters
    and immediately report such transactions to the StockExchange.                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   | To facilitate tracking for compliance purposes
       we prefer thatshares are not held
    in a nominee name.                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   | Could I please ask you to consult with me
       if you intend to deal inAbbey National
    securities.                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|4. | SHARE HOLDING IN ABBEY NATIONAL plc                                                                                                                                                                                                                                                                                                                                                                                                                                             | APPENDIX III                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   | Please advise me on the attached form of any
       share holding you oryour spouse or
       infant children have in the ordinary shares ofAbbey
    National.                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   | I can confirm that there are no qualifying
    shareholdingrequirements on directors.                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|5. | REGULATORY FORMALITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   | i.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | The Securities and Futures Authority (SFA)                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Abbey National plc is in the process of applying
       for membership of the SFA in connection
       with a proposal to provide a sharedealing
       service. I am attaching a form which SFA
       requires all directors to complete and would be obliged if you
       could return it to me. Please do not date it.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   | ii.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Form 288                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | This is the standard Form of directors’ consent
       which will bepassed on to Companies
       House. Please complete and signwhere
       indicated and return to me. Please do not date it.                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2                                                                                                                                                                                                                                                                                                                          

---



Back to Contents

|   | iii.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Declaration of a Director’s Business Activities                                                                                                                                                                                                               | APPENDIX VI
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | This declaration is required by the Stock
       Exchange and I would be obliged if you could kindly complete the enclosed “Schedule
       7”,
       sign it, and return it to me for submission to the Stock Exchange. Again
       please do not date it. |            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   | There are one or two other less critical forms
       I will have to ask youto complete
    but these can be dealt with after your appointment.                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|6. | DURATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   | Inaccordance
       with standing Board resolutions and in the context of the Cadbury guidelines
       on corporate governance the appointment is for three years. Thereafter,
       subject to mutual agreement, it may be extendible for a further period.
       The initial appointment will be formalised at the Board meeting in July
       or alternatively at a special Board meeting just before Vesting Day. Thereafter,
       you will be required to face election by our shareholders at the Company’s
    Annual General Meeting in April 1997. |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|7. | LOANS FROM ABBEY NATIONAL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   | Please be good enough to advise me if you
       or any personconnected to you is in
    receipt of any loan from Abbey National.                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|8. | OTHER INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   | A part from entries
       in the statutory registers I would be obliged ifyou
       could notify me of any other interests which should berecorded
    by the Company.                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|9. | PUBLIC ANNOUNCEMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                               |            
|   | Notwithstanding the release of the Transfer
       Document andProspectus we are obliged
       to inform the Stock Exchange of yourappointment
       and the announcement will be made immediatelyfollowing
    Board approval. Notification will also be made to thePress.                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                              
|   | 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                              

---



Back to Contents

|10. | DELEGATED AUTHORITIES                                                                                                                                                                                                                                                                                                                                                                                                                          | APPENDIX VII 
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    | There is in existence a binder setting out
       the framework of highlevel Board controls
       and other authorities. This is currently beingrevised
       and will be approved by the Board in July. Accordingly,the
    attached copy is marked “draft”.                                                                                                                                                                                |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|11. | INDEPENDENT ADVICE                                                                                                                                                                                                                                                                                                                                                                                                                             |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    | In the context of the Cadbury Report on corporate
       governancethere are provisions for
       directors to obtain independentprofessional
       advice. The attached note from the Chairman setsout
    how these arrangements operate.                                                                                                                                                                                                  | APPENDIX VIII
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|12. | MEMORANDUM AND ARTICLES OF
    ASSOCIATION                                                                                                                                                                                                                                                                                                                                                                                                     |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    | I am attaching a copy of the Company’s Memorandum
       andArticles of Association. These
       set out, inter alia, the powers ofdirectors.
       I am always available to deal with any queries you mayhave
    on any aspect of the Company’s governance arrangements.                                                                                                                                                                   | APPENDIX IX  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|13. | DUTIES AND RESPONSIBILITIES
    OF DIRECTORS                                                                                                                                                                                                                                                                                                                                                                                                   |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    | These
       are of course set out in English Company law but I can makevarious
       explanatory publications available to you if you feel anyneed
       for help in this regard.                                                                                                                                                                                                                                                           |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|14. | BOARD DATES                                                                                                                                                                                                                                                                                                                                                                                                                                    | APPENDIX X   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    | I
       attach a schedule of Board dates for the remainder of 1996 andalso
       the schedule for 1997.                                                                                                                                                                                                                                                                                                                                      |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|15. | “TWINNING”                                                                                                                                                                                                                                                                                                                                                                                                                                     |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    | We
       operate a practice whereby non-executive directors are “twinned”       with
       an executive director. This provides you with theopportunity
       of getting to know a particular area of the Company’sbusiness
       in more detail and can be of help and assistance to theExecutive
       concerned. I will discuss this with you in more detailafter
       you have had an opportunity to get your feet under the table. |              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |              
|    | 4                                                                                                                                                                                                                                                                                                                                                                                                                                              |              

---



Back to Contents

|16.                                                                                                                                                                                                                                                                                                                                                                     | FORTHCOMING FUNCTIONS                                                                                                                                                                                                           
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        | The Chairman has arranged for a working
        Dinner to be held on Monday 21st October, in Wiltons Restaurant, London.
        This function will be attended by the Chairman, Non-Executive Directors
    and Mr. Birch only.
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        | We will be holding our usual Christmas
        function on Monday 16th December at the Savoy Hotel and I hope you and
        your wife will be able to attend. I will be circulating further details
    nearer the time.      
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|I apologise for the length of this engagement
        letter but we feel it is best to set out clearly from the beginning where
        we stand on these matters. Please feel free to call me if I can be of
        any help to you over completing the regulatory forms or on any other
    aspect of this letter. I look forward to working with you in due course.
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|Yours sincerely,                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|•                                                                                                                                                                                                                                                                                                                                                                      
|I.K. Treacy,                                                                                                                                                                                                                                                                                                                                                           
|Company Secretary.                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|c.c. : Lord Tugendhat, Chairman.                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                 
|Encls:                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                       
|5                                                                                                                                                                                                                                                                                                                                                                      

---



Back to Contents

|b.c.c.
    : |  | Norman
    Wilkes, Deputy Secretary.    
|------------ |  | ----------------------------------------
|             |  | Paul
    Coote, Director of Compliance. 
|             |  | Leena
    Nagrecha, Assistant Secretary.
|             |  |                                         
|6           

---