THE SCHEDULEPENSION TRUST OF THE RAILWAYS PENSION SCHEME

Limit of Liability

2D  Neither the Trustee nor its subsidiaries nor any officer or employee of the Trustee or its subsidiaries, nor any member of a Pensions Committee shall be liable for any breach of trust (whether by act or omission) not due to personal conscious wrongdoing or recklessness. No officer or employee of the Trustee or its subsidiaries nor any member of a Pensions Committee who carries on or is involved in the carrying on of the business of professional trustee shall be relieved of liability for breach of trust due to negligence.