Article 3

All functions of the Board of Management and the Trustees under the existing Byelaws of the Pilots' National Pension Fund are transferred to PNPF Trust Company Limited and accordingly the Byelaws of the Pilots' National Pension Fund shall have effect as if references to the Board of Management and to the Trustees were references to PNPF Trust Company Limited and as if references to individual trustees and members of the Board of Management were references to individual directors of that company.