Investor Presentaiton

Appendix Strategy Results Taking further action to reduce the Group's cost base, whilst increasing investment Adjusted costs, $bn 32.5 c.7-10% CAGR increase 5-5.5 Expect to keep costs broadly stable from 2022 onwards ≤31* Stable costs ≤30 2019 Investment Inflation Cost programme saves Bank levy Other 2022 Impact of FX* 2022 BAU costs c.4-5% CAGR decrease Medium to long-term Increasing the cost ambition by $1bn, with a new cost target of <$31bn in 2022 (<$30bn based on average FY20 FX rates), vs. <$31bn target in Feb-20 Update Expected gross cost saves increased to $5-5.5bn and Costs to Achieve (CTA) increased to $7bn for 2020-22 Expect to drive positive operating leverage through broadly stable costs, whilst delivering mid-single digit revenue and volume growth in the medium to long-term *Note: Impact of the weakening USD at end-2020. Target of <$30bn is based on average FX in FY20 (consistent with the results presented); using the average December 2020 FX rates, the target would be retranslated to <$31bn. This impact of FX would increase revenue by c.$1-1.5bn 50

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