Press Release 67 Date 8.10.99

Beware! Leek United Building Society if Murray Financial plc suceeds with it’s carpetbagging bid

Story: 275 jobs to be axed by Bradford & Bingley at their Leamington Spa operation and 90 jobs in New Barnet Bob Goodall says; This is shocking news for the people of Leamington Spa! An early christmas present for 275 competent and loyal staff whose only fault has been to work for a building society under attack from carpetbaggers. We believe it indicates an attempt by Bradford & Bingley to slim down in preparation for the attempt to convert the Society to plc status next year. It is a warning of what will happen to the jobs of other Bradford & Bingley staff if conversion occurs, leading the society into a culture where profits matter, not customers or staff. But SOBS believe that the society will remain a mutual if the voting pattern of members on the carpetbagging resolution that started all this remains the same. For a society to convert, 75% of savers on a 50% turnout and a majority of borrowers must vote in favour at an official conversion vote. Neither of these criteria was achieved by the carpetbaggers at Bradford & Bingley. In fact 60% of borrowers voted against Stephen Majors carpetbagging resolution earlier this year. And remember! The board of Bradford & Bingley spent millions of pounds putting out a strong pro-mutuality message to members which we believe they will remember.”

Bob Goodall co-ordinator “Save our Building Societies” campaign tel 01727 847 370(24hrs)

Press Release 67 Updated version 1.19pm Date 8.10.99 Story: 275 jobs to be axed by Bradford & Bingley Building Society at their Leamington Spa operation and 90 jobs in New Barnet! 70 agencies to close!! SOBS reaction: SOBS Co-ordinator Bob Goodall says; This is shocking news for the people of Leamington Spa! An early christmas present for 275 competent and loyal staff whose only fault has been to work for a building society under attack from carpetbaggers. There is also the devastating news that the society plan to close 70 agencies because they are not making enough money. Not enough that is -for the shareholders that may soon have to be served -rather the members who currently own Bradford & Bingley. We believe these developments indicate an attempt by Bradford & Bingley to slim down in preparation for the attempt to convert the Society to plc status next year. “Fattening the calf” for the anticipated sacrifice to the greed and avarice of the carpetbaggers. It is a warning of what will happen to the jobs of other Bradford & Bingley staff if conversion occurs, leading the society into a culture where profits matter, not customers or staff. But SOBS believe that the society will remain a mutual if the voting pattern of members on the carpetbagging resolution that started all this remains the same. For a society to convert, 75% of savers on a 50% turnout and a majority of borrowers must vote in favour at an official conversion vote. Neither of these criteria was achieved by the carpetbaggers at Bradford & Bingley. In fact 60% of borrowers voted against Stephen Majors carpetbagging resolution earlier this year. And remember! The board of Bradford & Bingley spent millions of pounds putting out a strong pro-mutuality message to members which we believe they will remember.” The conversion vote is scheduled for the Summer of 2000. Join SOBs Now! Bob Goodall appeals for people to join the SOBS campaign to save Bradford & Bingley Building Society Members and staff of Bradford & Bingley who wish to help keep the society mutual can call the co-ordinator Bob Goodall on tel 01727 847 370 (24hrs) or write to him at: “Save Our Building Societies” campaign 8 Belmont Court Belmont Hill St Albans Herts AL1 1RB

All enquiries will be treated in confidence Mutual building societies operate in the best interest of members, and offer the cheapest mortgages and highest rates of interest for savers because they are owned by the members and do not have to make profits for shareholders. Customer care at mutual building societies is first-rate! Mutual Building Societies play a key role in providing financial services in small towns, rural communities and deprived areas which are usually abandoned by banks because the do not generate enough profit for the fat cats! If Bradford & Bingley converts to a bank, mortgages will become more expensive, interest rates for savers will be pared to the bone and a “slash and burn policy” of branch and agency closures resulting in widespresd job losses will be introduced to maximise profits for the new bosses-the shareholders. Customers and staff will count for nothing. But the whole process of demutualisation can be stopped! Please help SOBS to stop the carpetbaggers! Bob Goodall co-ordinator “Save our Building Societies” campaign tel 01727 847 370(24hrs)