Finance and Capital Management

Efficiency benefits absorb upward cost pressures Cost efficiency programme to absorb inflation, offset business investment & reshape the cost base Indicative development of gross operating cost base Run-rate benefits from transformation programme expected to materially increase from end of 2019 2017 Inflation Absorb Inflation Policyholder Benefits Shareholder New Benefits¹ Business Growth & Investment Head Office Transformation programme benefits 1. Annual shareholder cash benefits of c. £145m, as previously announced % delivery of total planned run-rate benefits 100% 2022 2018 2019 2020 2021 2022 76

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