Significant changes to the Savings landscape over the coming few years, including RDR and auto-enrolment, should provide real opportunities for growth. The implementation of RDR from 2012 should favour asset management products including structured products and unit trusts, which have been a strong growth story within Savings during 2010. The recently signed contract extension with Nationwide Building Society will serve to enforce this position.

Our overall focus in 2011 will be to drive continued cash generation from the investments business, through improved scaIe and operating model efficiency gains, while continuing to invest at appropriate levels. Cost efficiencies and servicing options will further reduce operating costs and improve profitability.