The Postal Services Act 2011 (Transfer of Assets) Order 2012

Composition of Interim Transfer

1.  The Trustee must not include the following assets in the Interim Transfer—

(a) properties comprising the following addresses—

• Ryder Court, 18-20 Bury Street and 73-76 Jermyn Street London SW1Y 6NP,

• 35, 37, 37A, 38, 38A and 35B George Street and 19 St James’s Cottages, Paradise Road, Richmond TW9 1HY

• The Loom Retail & Leisure Park, Spinning Jenning Way, Leigh, WN7 4PE

• 201-209 High Street, Cheltenham GL50 3JH

• 145 Morningside Road, Edinburgh, EH10 4AX

• Exe Bridges Retail Park, Alphington Street, Exeter EX4 1AH

• St Nicholas Gate Retail Park, Carlisle CA1 2EA

• Bricklayers Arms, Mandela Way London SE1 5SP

• 1 to 87 Crick House, Station Place Cambridge CB1 2FA

• 1 to 19 Aston House, Brookgate Cambridge CB1 2BP

• 1 to 48 Bragg House, Brookgate Cambridge CB1 2AA

(b) a 33% share of the Trustee’s interest in Hamilton Lane COPTL, L.P., which is as far as reasonably practicable a pro-rata proportion of that interest immediately prior to the Interim Transfer;

(c) the account managed by Hermes known as The Royal Mail Pension Plan re: Residual Positions, Account number 63815;

(d) the assets forming part of the assets managed by Beach Point Capital Management, L.P. which—

(i) are as far as reasonably practicable a pro-rata proportion of those assets immediately prior to the Interim Transfer; and

(ii) have an aggregate value equal to 4% of the liabilities remaining with RMPP as estimated for the purposes of the Interim Transfer pursuant to article 5 such that—

Value = 4% x RMPP L_CI2I1 x MVA1 (as such terms are defined in Schedule 1); and

(e) the assets relating to money purchase benefits, as defined in Schedule 1.