5 Investment management operating profit.

1.

The managed pension funds business within Investment management has been reported on an [IFRS] basis as management believe IFRS to be the most appropriate reporting basis for the Investment management business.

2.

Other income excludes £28m (2008: £35m) of profits arising from the provision of investment management services at market referenced rates to the covered business. These are reported on a look through basis within the Risk, Savings and Group capital and financing covered business on an [EEV] basis.

3.

Investment management operating profit excludes core retail investments, of £9m (2008: £nil), which has been disclosed as part of Savings.