27 November 2000

For the attention of Mr Neville Ockrim:

Dear Sir

Cost Reduction Analysts

In January this year, we engaged Cost Reduction Analysts (CRA) to review our stationery supply chain.

Their Mr. David Latter ably facilited the project.

David started by making a detailed requirements review by analysing our invoices. The requirement was tendered, and this was followed by further price negotiations. We stayed with our existing supplier.

The exercise was carried out with the full involvement and support of our own Procurement Specialist, and completed by mid July. We settled immediately on CRA's fee, which had been pre-agreed at half the agreed total saving.

We were particularly pleased that this exercise has also served to actually improve and strengthen our business relationship with our supplier.

I would have no hesitation in recommending CRA's services to any corporate client with substantual stationary spending which they wish to review either by benchmarking or tendering.

Yours faithfully
VODAFONE LIMITED

Tim Williams
Head of Supply Chain Management