1. PRAG FRS17 Working Party Andrew Penketh Working Party Chairman

2. FRS17 Overview The key points Replaces SSAP24 Phased implementation – periods ending 22 June 2001 Year 1 : Balance sheet type disclosures Year 2 : Balance sheet, P&L and STRGL type disclosures Year 3 – Full implementation Defined benefit schemes – significant impact Covers all types of retirement benefits Convergence with International Accounting Standards

3. Working Party Terms of Reference Practical guide to preparation of FRS17 information Aimed at persons responsible for driving the process Key practical and operational issues Management structure, roles and responsibilities Critical path Data collection and processing routines Strategic issues Excludes professional protocols and commentary on financial statements

4. Working Party Members Andrew Penketh – Horwath Clark Whitehill - Chairman Peter Dickinson – Smith & Williamson - Secretary/Co- ordinator Gaye Taylor – BDO Stoy Hayward - Editor Jeff Highfield Mike Carson – Jardine Lloyd Thompson John Hotchkin – Jardine Lloyd Thompson Tom Kelman – Gissings Debra Tullett – Mercer Human Resource Consulting Jean Chitty – Centrica plc

5. Progress Report Objective – December 2002 year ends Meetings – February & March 2002 Terms of Reference - ‘thumbs up’ from Exec meeting 17 April 2002 Working draft prepared Next Meeting – June 21 2002 Draft circulated for comments – July 2002 Comments late July/early August Issue - earliest September

6. Feed in…… Contacts Andrew Penketh – andrew.penketh@horwath.co.uk »Tel 020 7842 7355 Peter Dickinson – peter.dickinson@smith.williamson.co.uk »Tel 01483 407100