Our July 8^th 2010 announcement to you concerned the ‘FSD Determination’ which was issued following the hearing at which the Trustee Board was represented by Pinsent Masons.  The Trustees, in conjunction with the PPF, have been considering the options available to us as we move towards the phase of seeking to maximise recoveries from the various worldwide insolvency processes. Following detailed consideration of these options we have decided to appoint Hogan Lovells International LLP to spearhead our recovery activities due to their wide experience in the field of cross border and global insolvency litigation.

Hogan Lovells will work closely with all of our advisors including Pinsent Masons who remain our day to day legal advisers, PricewaterhouseCoopers and our existing US and Canadian lawyers.  In broad terms, and to avoid any duplication of effort, Hogan Lovells will be responsible for all litigation on cash recovery activities and underlying insolvency advice and Pinsent Masons will continue to be responsible for all ongoing pension Plan activities – including those related to the PPF Assessment process.

The Trustees undertake to keep you advised of all significant developments as we move forward in our efforts to secure the best possible outcome for all our members.