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Income statement for the year ended 31 December 2010

Managed

Reallocation

of one-off

items

Direct Line

Group Statutory

£m £m £m £m

Net interest income 14,200 9 (427) 13,782

Non-interest income (excluding insurance net premium income) 13,266 (735) 195 12,726

Insurance net premium income 5,128 — (5,014) 114

Non-interest income 18,394 (735) (4,819) 12,840

Total income 32,594 (726) (5,246) 26,622

Operating expenses (16,710)(1,518) 772 (17,456)

Profit before insurance net claims and impairment losses 15,884 (2,244) (4,474) 9,166

Insurance net claims (4,783) — 4,698 (85)

Operating profit before impairment losses 11,101 (2,244) 224 9,081

Impairment losses (9,256) — 21 (9,235)

Operating profit/(loss) 1,845 (2,244) 245 (154)

Own credit adjustments 242 (242)— —

Asset Protection Scheme (1,550)1,550 — —

Amortisation of purchased intangible assets (369) 369 — —

Integration and restructuring costs (1,032)1,032 — —

Gain on redemption of own debt 553 (553) — —

Strategic disposals 171 (171)—

—

Bonus tax (99) 99 — —

Write-down of goodwill and other intangible assets (10)10 — —

RFS Holdings minority interest (150)150 — —

Operating loss including the results of Direct Line Group discontinued operations (399) — 245 (154)

Direct Line Group discontinued operations (1) 245 — (245) —

Operating loss before tax (154) — — (154)

Tax charge (703) — — (703)

Loss from continuing operations (857) — — (857)

Loss from discontinued operations, net of tax

- Direct Line Group (176) — — (176)

- Other (633) — — (633)

Loss from discontinued operations, net of tax (809) — — (809)

Loss for the year (1,666) — — (1,666)

Non-controlling interests 665 — — 665

Preference share and other dividends (124) — — (124)

Loss attributable to ordinary and B shareholders (1,125) — — (1,125)

Note:

(1) Included within Direct Line Group discontinued operations are the managed basis divisional results of Direct Line Group (DLG), certain DLG related activities in Central items and Non-Core; and

related one-off and other items including integration and restructuring costs and strategic disposals.

104

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