Lowell - Supportive

All,

We are delighted to see the new approach and substantially increased equity cheque. Over the past two years, we have been critical of the company and more recently supportive, as you may know.

In past weeks we had been proposing a similar structure - although based on the equity indication in the summer, which would have required a slightly smaller new issue. But the mighty equity injection of £600m should be sufficient to see the deal through now. Certainly from a creditor’s perspective, more equity is the better option and it's a tremendous vote of confidence from the sponsors.

We are perhaps a little disappointed that the company did not choose us to deliver the deal and we remain available, although not likely required. Nevertheless, we like to think that we got the ball rolling in the end - for free. We are not an advisory firm, but we hope more members will come forward on situations where we can help with structuring work.

Best wishes to Lowell, Permira and all creditors,

Wolfgang