The Northern Rock plc Compensation Scheme: Appointment of independent valuer

Following a competitive process, the Treasury has today appointed Andrew Caldwell, Valuations Partner at BDO Stoy Hayward, as independent valuer to assess any compensation that may be payable to those affected by the transfer of Northern Rock to the Treasury on 22nd February 2008.

Notes for editors

1. The appointment is being made by HM Treasury Ministers on the recommendation of a panel comprising Michael Izza (Chief Executive of the Institute of Chartered Accountants of England and Wales), Anthony Fry (Senior Managing Director, Evercore Partnership), Christopher Gardner QC and Louise Tulett (Director of Finance, Procurement and Operations, HM Treasury). The appointment has been made under the terms of the Northern Rock Compensation Scheme Order 2008 (OPSI website)

2. Andrew Caldwell is a partner and Head of Valuations at BDO Stoy Hayward LLP. He is a founding member of the Society of Share and Business Valuers, and has extensive experience of performing company valuations. An expert team from BDO Stoy Hayward and from outside professional firms will support him.

3. A list of people who held shares immediately prior to the transfer is being maintained. Former shareholders can update their contact details by following the instructions on Northern Rock's web site but otherwise need take no further action at this stage. In due course, Andrew Caldwell will inform former shareholders and others of the basis on which he is going to operate and how he intends to proceed. Those interested are recommended to wait for Andrew Caldwell to publish this information, at which point, any questions may be addressed to him at northern.rock@bdo.co.uk.

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