National Westminster Bank PLCZ#
is fthopsgsle
PO Ow N034
15 Behophgats
London EC2P 2AP
ow. MGRS/l/CFW/2779/J2W
TeMphom 01-SU 270D
TOw 6012007 NW861S G
2nFobruary 1987
T 8 Moore* Beq
British Amorican Tobacco Cc Ltd
7 Millbank
LOOMS SWIT ME
Dear Mr Moore$
BAT Pension Fund
1 refer to your telephone conversation with Chris Webster in
connection with Lh* Bank providing interest set-off for credit
balances arising on the above Pension Fund Account.
As discussed the Bank I* able to include pension balances for
interest met-off purpose* subject to the provision of a letter
signed on behalf of the Pension Trust and the BAT companies
participating in the arrangea*nt. The letter should incorporate
the following:-
&) All parties concerned are aware of the set-off terms agreed.
b) Specific mention is made of the mothod by which the Trust
will be remunerated for Its creditor balances (to assist you
it would be possible to include the Pension Account in the
normal monthly letter detailing Notional Credit/Debit
Interest).
As mention*d in addition to the above the bank would. under normal
circumstances, charge a 'turn' of may 46 to cover its liquid &seat
costs at the Bank of England *n4 the work undertaken in connection
with calculation of the set-off.
It you would like to discuss this mate*r further, please 4o not
hesitate to contact me and if you feel it appropriate, Chris
Webster and Bernard Cruickshank both Assistant Managers, would
pleased to call and see you.
kind regard@,
sincer*1
J V LaRb
Manager
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B.A.T ftusTmEs P.LC. - MINNESOTA DEPOSMORY Copy - pRODUCED PURSUAW To VII.D. OF
CONSENT JUDGMEW DATED WOM iN STAZE OF "AWSOL4 ET AL K PHKAP AkRRM AL., CASE No. CI-944fts