Investor Presentaiton

Operating expenses 300 250 £m T 200 +5.5% 150 100 50 6.0% +7.5% +20.9% -8.8% 5.0% +22.7% 4.0% 3.0% 2.0% 1.0% 0 0.0% 2005 2006 2007 2008 2009 Net operating expenses Fees Cost ratio 3i • Cost ratio 3.0% External fund fee income up 25% Gross costs down 9% 28

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