Finance and Capital Management

Sources of earnings Asset Management Savings & Asset Management AuM (£bn) 120 124 118 90 90 76 76 76 76 79 14 71 74 H1 2018 FY 2018 H1 2019 Institutional Retail ■Internal Profitability¹ (£m) Expenses 298 Revenue 563 Adj. Op. Profit 265 Expenses 298 Revenue 514 Adj. Op. Profit 216 H1 2018 H1 2019 Key ratios Average fee margin (bps of average AuM incl. internal²) 39 H1 2018 39 H1 2019 Cost/Income ratio (%) 54 57 H1 2018 H1 2019 1 Adjusted Operating Profit, excluding share of associate's profit and investment income; 2 Fee margin calculated as fee based Adjusted Operating Income, excluding performance fees, over monthly average Au M. Performance fees were H1 2018: £8m; H1 2019: £7m 32

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