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Peabody Trust (92IA)

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Wednesday 05 December, 2007

Peabody Trust

Repurchase of Stock

Peabody Trust
05 December 2007


                         THE GOVERNORS OF THE PEABODY TRUST 
           (formerly known as The Governors of the Peabody Donation Fund)
                                     (the Issuer)

(Peabody Trust (formerly known as The Peabody Donation Fund) being a registered
charity with registered number 206061 and registered as a social landlord under
the Housing Act 1996 with the Housing Corporation with registered number L0014)

                                        NOTICE

                            to the holders of those of the
                                     £78,484,700 
                  10.25 per cent Guaranteed Secured Stock due 2023
                                  (ISIN GB0006764566) 
               unconditionally and irrevocably guaranteed as to scheduled
                       payments of principal and interest pursuant 
                    to a financial guarantee insurance policy issued by
                              AMBAC ASSURANCE UK LIMITED
               (incorporated in England and Wales with limited liability)
                      of the Issuer presently outstanding (the Stock)

Further to the Notice given by the Issuer dated 20 November, 2007, in which the
Issuer offered and agreed to purchase any Stock offered to it before 3pm on 4
December, 2007 at a margin over the gross redemption yield on the UK 5% Treasury
Stock 2025 of 0.35 per cent per annum (together with interest accrued up to and
including the date of settlement), the Issuer hereby confirms the price for
those purchases of such Stock which was set at 3pm on 4 December, 2007, as
follows:

UK 5% Treasury Stock 2025 yield                        4.5209 per cent per annum

Pre-stated margin                                      0.3500 per cent per annum

Price of the Stock                      158.459 per cent per £100 nominal amount

Accrued interest to 18 December, 2007     3.426 per cent per £100 nominal amount

In accordance with the terms of the tender offer set out above and in the Notice
given by the Issuer dated 20 November, 2007 the Issuer has agreed to purchase a
total of £26,809,000 in nominal amount of the Stock for value 18 December 2007.

Furthermore, following the additional Notice given by the Issuer dated 22
November, 2007, the Issuer confirms that it has also agreed to purchase by
private treaty a total of £49,591,700 in nominal amount of the Stock at the pre-
stated margin of 0.35 per cent per annum over the gross redemption yield on the
UK 5% Treasury Stock 2025 (together with interest accrued up to and including
the date of settlement), all of such purchases intended to be settled by no
later than 18 December 2007.

Following the purchase by the Issuer of the total amount of Stock referred to
above (including the Stock purchased by private treaty and including £545,000 in
nominal amount of the Stock previously purchased by the Issuer by private
treaty), all of which will be cancelled and will not be available for re-issue,
the outstanding nominal amount of the Stock will be £1,539,000.

A copy of this Notice will be sent by first-class post to all registered
Stockholders.


This Notice is given by

The Governors of The Peabody Trust
45 Westminster Bridge Road
London SE1 7JB

Dated 5 December, 2007.


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