Custody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting and transfer agency services (unitisation). We may also appoint a second/reserve Custodian to manage some of the PPF’s assets, the exact amount is to be confirmed.

Custody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting

and transfer agency services (unitisation).

We may also look to appoint a second/reserve Custodian to manage some of the PPF’s assets, the

exact amount is to be confirmed.

The stated value is a current estimate. Our estimated range is between £9m to £53m as we

are aware that the actual value could vary significantly according to a number of potential

factors over the life of the contract.