Need for successor to Benn

July 29, 2003

Mr Hubert Alleyne
Chairman
Unit Trust Corporation
Independence Square
Port-of-Spain.

Dear Mr Alleyne
Reference is made to your letter of June 17, 2003, in which you informed me that the Unit Trust’s Executive Board has recommended that Mr Clarry Benn continue his position as Executive Director for a further term of four years, effective September 1, 2003. As you will recall, last year, as permitted under Section 10 of the Unit Trust Corporation of Trinidad and Tobago Act, I sought the Finance Minister’s agreement on the extension of the term of office for Mr Benn. After much discussion, the position was taken that considering Mr Benn’s age and the need for succession, his term should be extended for one year to provide sufficient time for the process of finding a suitable successor.

In my letter dated August 30, 2002 to the UTC’s Corporate Secretary, I communicated this recommendation to your Board. I have discussed the UTC Board’s current recommendation with the Finance Minister who feels strongly that the implementation of the succession plan, as envisaged last year, should begin immediately. In your letter you indicated that PricewaterhouseCoopers (PWC), the firm selected to do the recruiting, had identified a second candidate who had the experience and qualities needed for the leadership of the UTC. I would suggest that you give further consideration to this candidate in the interest of getting the succession plan under way. I stand ready to continue discussions with you or the Board on the matter.

Yours sincerely
Ewart S Williams