Euler Trade Indemnity and other insurance firms throughout Britain have benefited from working with us.

EULER Trade Indemnity plc

7th May 1999

To Whom It May Concern:

RE: The Auditor

The Auditor worked with EULER Trade Indemnity plc on a project to reexamine our spending on stationery and office consumables.

The Auditor carried out a full analysis of our spending pattern and in addition to identifying alternative suppliers made several extremely helpful suggestions for improving our processes.

During the project their consultants worked in a very professional and efficient manner with minimal impact on our day-to-day activities.

I would have no hesitation in recommending The Auditor and I would be happy to work with them again on future projects.

Paul Flanagan
Chief Financial Officer

EULER Trade Indemnity plc
Registered in England No. 149786
Registered Office: 1 Canada Square London E14 5DX

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N M Rothschild & Sons

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JP Morgan