UBS Global Financial Services Conference

x Corporate Banking & Financial Markets Income 2004 2003 Change US ($m) 1,996 1,541 +30% Continental Europe (Єm) 436 263 +66% ■ United States - - Established debt capital markets business, leveraging Greenwich Capital's customer relationships Increased distribution of CBFM products to Citizens' customers ■ Continental Europe - - Expanded activities in Germany, France, Italy, Spain and Scandinavia Increased focus on financial institutions and distribution of financial markets products Slide 18

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