#1RBS Re-building and Recovery: Making Progress Bruce Van Saun, Group Finance Director Barclays Capital 2010 Global Financial Services Conference 14th September 2010#2Important Information XRBS Certain sections in this presentation contain 'forward-looking statements' as that term is defined in the United States Private Securities Litigation Reform Act of 1995, such as statements that include the words 'expect', 'estimate', 'project', 'anticipate', 'believes', 'should', 'intend', 'plan', 'probability', 'risk', 'Value-at-Risk (VAR)', 'target', 'goal', 'objective', 'will', 'endeavour', 'outlook', 'optimistic', 'prospects' and similar expressions or variations on such expressions. In particular, this document includes forward-looking statements relating, but not limited, to: the Group's restructuring plans, capitalisation, portfolios, capital ratios, liquidity, risk weighted assets, return on equity, cost-to-income ratios, leverage and loan-to-deposit ratios, funding and risk profile; the Group's future financial performance; the level and extent of future impairments and write-downs; the protection provided by the APS; and the Group's potential exposures to various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity and equity price risk. Such statements are based on current plans, estimates and projections and are subject to inherent risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. For example, certain of the market risk disclosures are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and, as a result, actual future gains and losses could differ materially from those that have been estimated. Other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general geopolitical and economic conditions in the UK and in other countries in which the Group has significant business activities or investments, including the United States; the global economy and instability in the global financial markets, and their impact on the financial industry in general and on the Group in particular; the full nationalisation of the Group or other resolution procedures under the Banking Act 2009; the monetary and interest rate policies of the Bank of England, the Board of Governors of the Federal Reserve System and other G7 central banks; inflation; deflation; unanticipated turbulence in interest rates, yield curves, foreign currency exchange rates, credit spreads, bond prices, commodity prices and equity prices; changes to the valuation of financial instruments recorded at fair value; changes in UK and foreign laws, regulations, accounting standards and taxes, including changes in regulatory capital and liquidity regulations; a change of UK Government or changes to UK Government policy; changes in the Group's credit ratings; the Group's participation in the APS and the effect of such scheme on the Group's financial and capital position; the conversion of the B Shares in accordance with their terms; the ability to access the contingent capital arrangements with Her Majesty's Treasury ("HM Treasury"); the ability of the Group to attract or retain senior management or other key employees; impairments of goodwill; pension fund shortfalls; litigation and regulatory investigations; general operational risks; insurance claims; reputational risk; limitations on, or additional requirements imposed on, the Group's activities as a result of HM Treasury's investment in the Group; changes in competition and pricing environments including competition and consolidation in the banking sector; the financial stability of other financial institutions, and the Group's counterparties and borrowers; the value and effectiveness of any credit protection purchased by the Group; the extent of future write-downs and impairment charges caused by depressed asset valuations; the ability to achieve revenue benefits and cost savings from the integration of certain of the businesses and assets of RBS Holdings, N.V. (formerly ABN AMRO); natural and other disasters; the inability to hedge certain risks economically; the ability to access sufficient funding to meet liquidity needs; the ability to complete restructurings on a timely basis, or at all, including the disposal of certain non-core assets and assets and businesses required as part of the EC State aid restructuring plan; organisational restructuring; the adequacy of loss reserves; acquisitions or restructurings; technological changes; changes in consumer spending and saving habits; and the success of the Group in managing the risks involved in the foregoing. The forward-looking statements contained in this presentation speak only as of the date of this presentation, and the Group does not undertake to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. 2#3Key messages ■RBS tracking well against its recovery plan ■ H1 2010 results led by recovery in NIM, R&C businesses ■GBM performing in line with market. ■Non-Core de-leveraging and EU disposals on track ■ Capital, funding and liquidity progress continues ■Insurance and Ulster Bank action plans underway XRBS 3#4Who are we? XRBS Universal bank anchored in the UK and in retail & commercial, balanced by geography, business mix and risk profile RBS Group Core RBS EU Disposals/Non-Core H1 10 Core Revenues by Division RBS Insurance 13% UK Retail 17% Retail & Global Banking & Markets Insurance Non-Core US R&C 10% Ulster Bank Commercial UK Retail 3% GTS 8% UK C&C GBM 33% UK Corporate 13% Wealth 3% Wealth US R&C Ulster Bank GTS R&C Businesses = 67% Loan-to-deposit ratio 102% Return on equity 15% Business mix Business mix: Targeting 2/3 Retail & Commercial, 1/3 GBM Coverage: Global presence in over 40 countries Geographic split²: UK 55%, US 25%, EU 12% RoW 8% 1 RBS Insurance, identified for disposal to satisfy European Commission rules on State Aid. Disposal targeted for H2 2012. 2 Indicative steady state 4#5What is our vision? RBS's 2013 vision XRBS To be one of the world's most admired, valuable and stable universal banks To return to >15% sustainable RoEs, powered by market-leading businesses in large customer-driven markets To deliver its strategy from a stable AA category risk profile and balance sheet The business mix to produce an attractive blend of profitability, stability and sustainable growth - anchored in the UK and in retail and commercial banking together with customer driven wholesale banking, and with credible growth prospects geographically and by business line Management hallmarks to include an open, investor-friendly approach, discipline and proven execution effectiveness, strong risk management and a central focus on the customer 5#6Strategic Plan - defined aspirations RBS is driving through the key elements of its Strategic Plan XRBS Core Bank The focus for sustainable value creation ■Built around customer-driven franchises Comprehensive business restructuring ■Substantial efficiency and resource changes Adapting to future banking climate (regulation, liquidity etc) Cross-cutting Initiatives Non-Core The primary driver of risk reduction ■Businesses that do not meet our Strategic Tests, including both stressed and non- stressed assets ■Radical financial restructuring Route to balance sheet and funding strength ■Reduction of management stretch ■ Strategic change from "pursuit of growth", to "sustainability, stability and customer focus" ■ Culture and management change ■ Fundamental risk "revolution" (macro, concentrations, management, governance) ■ Asset Protection Scheme (2012 target for exit). 6#7Strategic Plan - timeline 2010/11 executing the plan RBS 2009 Formation of the Strategic Plan 2010/2011 Core profits build, Non-Core losses fall Creation of Non-Core £2.5bn cost saving programme announced Business restructuring and reinvestment ■New Management and Board APS entered into and Recapitalisation completed | Execution and implementation phase of the plan | 'Tools for the job' in place! Investment in Core franchises ■'Roll up our sleeves' Economic recovery takes hold ■Improvement in underlying Core performance 2012 onwards Target 15% ROE Ongoing revenue and cost initiatives ■Completion of Non-Core run- down 2013 targets achieved Returns - Risk Franchise 7#8Strategic Plan - tracking our progress Current position versus 2013 targets - making good progress Key performance indicator XRBS 2013 Target Worst point FY 09 Actual Q2 10 Actual Core Tier 1 Capital 4% (1) 11.0% 10.5% >8% Loan deposit ratio (net of provisions) 154% (2) 135% 128% c100% Wholesale funding reliance (3) £343bn (4) £250bn £198bn <£150bn Liquidity reserves (5) £90bn (4) £171bn £137bn c£150bn Leverage ratio (6) 28.7x(7) 17.0x 17.2x <20x Return on Equity (RoE) (31%)(8) Core 13% (9) Core 15% (9) Core >15% Adjusted cost income ratio (10) 97% (11) Core 53% Core 52% Core <50% 1 As at 1 January 2008. 2 As at October 2008 3 Amount of unsecured wholesale funding under 1 year. H110 includes £92bn of bank deposits and £106bn of other wholesale funding. 2013 target is for <£65bn of bank deposits, <£85bn of other wholesale funding. 4 As at December 2008 5 Eligible assets held for contingent liquidity purposes including cash, government issued securities and other securities eligible with central banks. 6 Funded tangible assets divided by Tier 1 Capital. 7 As at June 2008 8 Group return on tangible equity for 2008 9 Indicative: Core attributable profit taxed at 28% on attributable core spot tangible equity (c70% of Group tangible equity based on RWAs). 10 Adjusted cost:income ratio net of insurance claims. 11 2008 8#9Key H1 2010 financial highlights H1 results led by recovery in NIM, R&C businesses XRBS Core Business: Operating profit Return on Equity R&C NIM £4.5bn, (£4bn underlying 1) 15%, (11% underlying 1) 3.04%, +23bps y-o-y C:l Ratio 53% (adjusted²) Impairments £2.1bn Loan to deposit ratio 102% Group Balance Sheet Progress: Driven by strong Retail & Commercial performance Full Retail & Commercial recovery delivers target Driven by ongoing asset re-pricing Good cost management, trend favourable Funded assets 4 -2% (£26bn) vs FY09 Non-Core run-off £27bn reduction in TPAs 5 Capital strength Core Tier 1 of 10.5% Generally stable/improving 3 Close to long-run target of 100% ³ Demonstrating Non-Core reduction and subdued loan demand Tracking slightly ahead of plan, possible acceleration in H210 RBS is a well capitalised bank 1 Excluding Fair Value of Own Debt 2 Adjusted cost:income ratio is calculated based on income after the cost of insurance claims. Cost:income ratio before insurance claims is 46%. 3 Group target 4 Funded assets as at 30 June 2010 £1,058bn 5 Third party assets excluding derivatives 6#10Net Interest Margin & Operating Expenses R&C driving a recovery in NIM; tight cost control across the board Group NIM Q210 vs Q110 - Operating expenses XRBS bps £bn 5 ■ Q110 Q210 4.4 4.1 3 203 3.8 8 4 3.5 192 3 2 Q110 0 R&C Rest of Group Q210 Core 0.7 0.6 Non-Core Total Group NIM up 11bps to 2.03% driven by Retail & Commercial margins, up 14bps ■ Benefit from higher earnings on capital in Q2 of 3bps, no further impact anticipated ■ Expectation of modest underlying growth per quarter retained for the remainder of 2010, absent any GBM and Non-Core volatility 7% q-o-q reduction driven by lower staff costs, primarily reflecting lower GBM revenues GBM compensation ratio stable at c33% Adjusted cost:income ratio improved 200bps to 52% in Core, Group also improved 200bps to 55% Non-Core costs declined by 10% q-o-q benefitting from disposal related headcount reductions 10#11- R&C franchise gaining momentum – UK C&C good revenue growth, stable impairments Re-establishing profitability - rebuilding margins Impairment trends - stabilising RBS £m Pre-2008 NIM 3.25% 1 % £m 450 1,100 3.5 C&C Total Income C&C NIM 400 1,000 350 3.0 300 900 250 800 2.5 200 700 150 2.0 100 600 50 500 1.5 0 Q109 Q209 Q309 Q409 Q110 Q210 Q109 Q209 Q309 Q409 Q110 Q210 Supporting customers while reducing property concentration Closing funding gap balancing loans with deposit growth Loans & Advances, £bn £bn +2% IQ209 Q210 120 100 Funding gap closing Customer Deposits % Loan:deposit ratio 150 100 115 95 +8% 113 140 90 80 85 130 60 (10%) 79 85 80 120 40 75 34 20 30 110 70 65 100 Commercial Property Corporate & Commercial2 Total Q109 Q209 Q309 Q409 Q110 Q210 1 Peak NIM for Mid Corporate and Commercial Banking, 2005. 2 Corporate & Commercial ex Property. 11#12R&C franchise gaining momentum – UK Retail sustaining NIM development Robust mortgage lending & sustainably improved margins XRBS Strong growth in deposits % 4.0 3.5 3.0 2.5 INIM - Mortgage Lending £bn £bn 90 90 85 80 80 70 75 2.0 60 70 Q109 Q209 Q309 Q409 Q110 Q210 Q109 Q209 Q309 Q409 Q110 Q210 Restoring profitability – Improving operating leverage - Growing customer numbers Q-o-Q1 Y-0-Y² Income growth 6% 5% Cost growth 3% (3%) Pre impairment profit 9% 18% Y-o-Y² Current accounts growth +2% Saving accounts growth +5% Mortgage account growth +8% ■Margin rebuild driving higher divisional revenues ■ Cost initiatives gaining traction 1 Q210 versus Q110 2 Q210 versus Q209 ■Retail franchise gains are increasing customer numbers ■Competitive products continue to grow RBS market share in focused areas 12#131 R&C franchise gaining momentum – US R&C building margins, lower impairments % Re-establishing profitability - Rebuilding margins INIM -Total Income XRBS Impairment losses - encouraging trends $bn $m 300 3.0 1.5 Income up 7% y-o-y1 250 2.5 200 - 1.0 150 2.0 100 50 1.5 0.5 0 Q209 Q309 Q409 Q110 Q210 Q109 Q209 Q309 Q409 Q110 T Q210 Reshaping the business - Focus on improving deposit mix Up 9% y-o-y Demand $bn 19.5 19.0 18.5 18.0 17.5 17.0 Q209 Q309 Q409 Q110 Q210 -16.0 -18.0 -20.0 -22.0 -24.0 -26.0 -28.0 $bn -30.0 1 Q210 versus Q209 2 Q110 Down 37% y-o-y Term Non interest bearing checking accounts ☐ High yield legacy term balances Enhancing performance – Improving market share The business plan has delivered customer metrics to- date ahead of the original strategic plan US Retail & Commercial Market shares Deposits Share of Citizens Top-10 Markets² Corporate SME's Lead Relationship in footprint² Total Middle Market Citizens 13.2% Citizens 8.0% 7.0% Original 12.6% Strategic Plan Original Strategic Plan 6.0% 6.0% 13#14GBM - credible performance, in line with peers Underlying performance in line with peers, better cost discipline Underlying quarterly income (ex FVooD), £bn % RBS Benchmarking GBM's quarterly performance1 GBM Peer Average 4.5 3.0 1.5 70 65 45 50 30 10 -10 4.4 2.6 2.1 2.0 2.8 1.9 -30 -50 (31) (31) (26) Q109 Q209 Q309 Q409 Q110 Q210 (43) Revenues² C:l Ratio³ Operating Profit³ Division benefitting from greater focus: Better balance sheet profile Higher quality revenue streams Intense focus on: Strengthening Core customer relationships Sustaining strong Group customer synergies Enduring franchise - Business remains resilient, focused on its 5 year strategy Continued Investment Halfway through a two year £550m+ investment programme ■Tight risk management - Upgrading risk management framework; Changed risk culture Continued performance - Maintained a leading position in core franchise areas 1 Q210 vs Q110 2 Ex fair value of own debt 3 Excluding UK Bonus Tax charge 14#15GBM - strong franchise, balances the group portfolio Quarterly Revenues by product (underlying)¹, £bn GBM Summary - FY07 vs FY09 RBS FY07 "Old" GBM Core GBM FY09 Income, £bn 9.12 6.7 11.0 Costs, £bn (5.8)³ (5.1) (4.7) Profit, £bn 3.22 1.5 5.7 ROE, % 10.8% 10.4% 30.7% Q309 Rates - MM Q409 Q110 Q210 □ Rates - Flow Balance Sheet, £bn 873.8 617.3 412.2 Currencies & Commodities Equities Credit & Mortgages IPM & Origination People 24,100 20,900 16,8004 Business Performance - Revenues & Rankings Balanced portfolio - % of Core Group H110 09 Est. 09 Revenues Gwth vs 08 Ranking £bn % Income 33% 67% Rates - MM 1.7 4% Top 55 Rates - flow 3.1 127% RWAs 35% 65% Currencies Top 55,6 1.3 (17%) Equities Top 85 1.5 300% Credit markets Top 57 Employees 18% 82% 2.3 n.m. PM & #78 1.2 39% GBM Retail & Commercial Origination 1 Excluding Sempra, write-downs & FVooD. 2 Includes credit market write-downs & one off items of £1,776m. 3 Includes £448m of allocated manufacturing costs. 4 Excludes integration staff. 5 Coalition (Equities ranking based RBS regional product offerings, including ECM. 6 EuroMoney. 7 RBS Estimate. 8 Dealogic (Global all debt). 15#16Non-Core run-down & EU Disposals on track XRBS Non-Core run-down and EU disposals progressing well, lowers execution risk Non-Core TPAS decreased by £84bn to date, reduction on plan £bn 85 | Un-drawn commitments Funded assets 36 29 258 29 201 23 174 143 19 118 82 2008 2009 Q210 2010 2011 2012 13 20-40 2013 Targeted £20bn reduction achieved in Q210 194 (6) (8) (1) (5) 174 Asset disposals Non-Core asset portfolio run-off/sales on target - Ongoing risk reduction - possible H2 acceleration 3 of the 4 EU mandatory disposals announced: UK SME/Branches: sale process to Santander announced (c£1.65bn), completion by end 20111 Global Merchant Services: sale process to Advent International & Bain Capital announced, completion by end 2010 RBS Sempra: completed partial sale to JP Morgan², balance substantially progressed RBS Insurance disposal: H2 2012 current target for IPO; may dual track IPO/trade sale Q110 Run-Off Asset Impairments sales FX Q210 1 Agreed sale for a premium of £350m to net assets at time of closing. Implied equity is £1.3bn applying an 8.5% Core Tier 1 ratio to RWAs of £15.2bn as at 31 December 2009 2 Sale of Metals, Oil and European Energy business lines agreed on 16th February 2010 and completed 1st July 2010 16#17Balance sheet strengthening on track 12 Now well capitalised, making strong progress on funding Core Tier One Ratio vs UK Peers¹, % 10 RBS Tier 1 Leverage Ratio³ vs Peer averages 14, % 10.5 10.0 9.9 9.0 9.0 4.0 LO 5 5.8 6.4 5.5 3.5 4.0 0 RBS worst point 2 RBS Peer 1 Peer 2 Peer 3 Peer 4 Q210 RBS worst RBS Q210 UK Peers point 5 EU Peers US Peers Loan to deposit ratio6, % 200 150 154 100 128 102 50 100 0 RBS worst point 7 RBS Group Q210 RBS Core Q210 Target Key highlights Funded balance sheet of £1,058bn, -£26bn vs FY09 Significantly strengthened capital position Current long-run CT1 target of 8% +, subject to increased regulatory requirements 1st quartile in CEBS stress test exercise Significantly reduced leverage Group funding gap reduced by £24bn H110 to £118bn 1 UK Peers consist of Barclays, HSBC, LBG and Standard Chartered. 2 As at 1 January 2008. 3 Tier 1 leverage ratio is Tier 1 Capital divided by funded tangible assets. 4 EU Peers consist of Credit Suisse, Deutsche Bank, Santander and UBS. US Peers consist of Bank of America, Citigroup, JP Morgan and Wells Fargo. 5 As at June 2008. 6 Net of provisions. 7 As at October 2008. 17#18Funding & liquidity - good progress towards targets RBS Consistent reduction in short term funding needs¹ Refinancing requirement outweighed by target reduction in Non-Core third party assets (£bn) 400 £343bn² £145bn 60 350 2013 Target 90 50 300 £250bn 250 40 £198bn 200 £150bn¹ £150bn 30 150 100 20 50 10 0 Worst Point FY09 H110 Short-term Liquidity Funding Portfolio H2 10 2011 2012 2013 3 Bank deposits Short-term wholesale funding Run-off of Non-Core TPAs p.a. Group maturing term funding p.a. Positive momentum has commenced in RBS's underlying credit ratings with all three major rating agencies. ■Business natural deposit franchises in good health ■Long-term wholesale funding >1yr now 57% of total (50% FY09, 45% FY08) £137bn of liquidity reserves as at 30 June 2010, target remains £150bn by end 2013 1 Amount of unsecured wholesale funding under 1 year including bank deposits 2 As at October 2008 3 Maturing term funding includes government guaranteed MTNs, unguaranteed MTNs and subordinated debt, excluding c£28bn of GBM, Citizens and Ulster Bank own issued structured MTNS with a maturity profile of c£2-4bn per annum. 18#19Funding - Consistent access to wholesale markets RBS RBS has issued over £24bn of term funding in 2010 YTD RBS term funding issuance during 20101 220 Q1 10 £8.1bn² - Q2 10 £5.3bn² - Q3 10 £10.9bn 2,3 €1.25bn 3 year Covered bond €1.25bn 2 year FRN5 $1.5bn 3 yr $1.5bn 10yr $0.6bn 3yr FRN 200 €2.0bn 7 year 180 €1.0bn 10 year 160 €1.25bn 5 year 140 AUD1.5bn 3 year CHF0.35bn 5 year €1.5bn 5 year Covered Bond 120 $2.0bn 5 year 100 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep – iBoxx.EUR.Banks.Senior4 £24.3bn 2010 term funding achieved YTD vs target of £25bn Term funding issuance split between public issues (£12.5bn) and private placements (£11.8bn) ■Strong private placement capabilities linked to structured and equity linked businesses within GBM All settled public benchmark deals completed in 2010 have minimum tenor of 3 years ■Regular term issuance throughout 2010 in a variety of currencies ■■ €15bn Covered Bond programme registered with the FSA on 1 April 2010, €2.75bn issued to date 19 1. Benchmark public deals highlighted in graph only 2. Total private and public term funding issuance 3. Total issuance completed in Q3 10 so far. 4. iBoxx European Senior bank debt index 5. Trade issued early September and will settle later in September 6. c£2bn of senior debt issued as part of Exchange Offer conducted in Q2 2010 included within public issuance#20Action plans for lagging units - Insurance Key highlights ■Q2 10 performance significantly impacted by bodily injury reserving relating to prior period policies Improved under-writing policies reducing risk and loss. rates ■ Above market premium increases since Jan 09 The combination of higher premiums and refined risk mix are improving the loss ratio of the business Focus on cost reduction and improving jaws Industry-wide personal injury claims trends² % 150% Loss rates 120% 90% XRBS Improved underwriting reducing loss rates1 New Business Renewals Combined 60% Jan-09 May-09 Sep-09 Jan-10 May-10 Positive pricing actions ³ starting to feed through Mkt. premium change index (Jan 2009 = 0%) 000s % I Number of Claims -Y-o-Y Change 700 20% 50% DL Churchill Market 600 500 400 300 اااس 40% 10% 30% 0% 20% 10% 200 -10% 0% 2001-2002- 2003- 2004- 2005- 2006-2007- 2008- Jan-09 May-09 Sep-09 Jan-10 May-10 02 03 04 05 06 07 08 09 20 1 Modelled loss rates based on Direct Line scored written loss rates. 2 Source: DWP CRU Database, Morgan Stanley Research 3 Source: Consumer Intelligence, DfT, NOP, Strategy team research & analysis#21Action plans for lagging units - Ulster Bank Initiatives Direct expense reduction of 31% Q109 to Q210 ■ Asset margins driving NIM improvements - 1.74% trough in Q309 returned to 1.92% Q210 Balance sheet reshaped FY09 Total UB, £56bn 21% 5% Increasing market shares 1: Stock Flow 34% Personal Current A/C 15% 20% Business Main A/C 19% 23% XRBS H110 Core UB £37bn 5% 27% 39% 54% 12% Mortgages CRE Other Corporate Other Tight cost management - reduced direct expenses £m ■Staff expenses ☐ Other direct expenses 120 100 Down £34m 80 60 40 20 20 0 Q109 Q210 1 As at December 2009, market shares relate to combined Northern Ireland and Republic of Ireland. 2 Post transfer of commercial property portfolio into Non-Core and Ulster Bank mortgages out of Non-Core Closing the funding gap – improving loan-to-deposit ratio Funding gap reduced by £7bn 250% 203% 200% 177% 154% 150% 150% 100% 50% 0% Q209 FY09 Q210 2013 Target 21#22Summary RBS in 2013 RBS The Royal Bank of Scotland - Top tier market franchises Balanced portfolio Solid profitability and attractive return potential Low volatility What RBS will be in 2013 underpinned by strong balance sheet Standalone strength and solid foundations Investor friendly Leading positions in all our customer businesses Strong, predictable and resilient business performance Complementary portfolio with clear cohesion logic and synergies Balanced by geography, business mix and risk profile Commitment to RoE >15% on an expanded equity base Attractive and sustainable income characteristics Clean balance sheet with a CT1 target 8% + Criteria for standalone AA category rating met Proven management track record, universal disciplines in place Roadmap to orderly UK Government stake sell down RBS Transparent and responsive communication with few negative surprises Clearly articulated strategy with evidence of it working Delivering the plan creates an attractive investment case 22 22#23Questions? RBS