Notes to the Financial Statements

for the year ended 31 December 2004

1 Accounting Policies

2 Foreign Currencies

3 Earnings And Earnings Per Share

4 Dividends

5 Segmental Analysis

6 Investment Income

7 Investment Expenses And Charges

8 Insurance Long Term Investment Return On Shareholders' Funds

9 Net Operating Expenses

10 Profit On Ordinary Activities Before Tax

11 Fines And Penalties

12 Directors' Emoluments And Interests

13 Remuneration Expenses

14 Employee Benefits

15 Tax On Profit On Ordinary Activities

16 Profit/(Loss) For The Financial Year

17 Acquisitions And Disposals

18 Goodwill

19 Land And Buildings

20 Insurance And Other Assets - Other Financial Investments

21 Debtors Arising From Direct Insurance Operations

22 Tangible Fixed Assets

23 Present Value Of Acquired In-Force Business

24 Other Assets

25 Deferred Acquisition Costs

26 Banking Assets

27 Equity Shareholders' Funds

28 Company Reserves - Profit And Loss Account

29 Minority Interests

30 Subordinated Liabilities

31 Technical Provisions

32 Insurance - Provisions For Other Risks And Charges

33 Creditors

34 Amounts Owed To Credit Institutions

35 Deposits By Banks

36 Customer Accounts, Maturity Profile

37 Debt Securities In Issue

38 Banking - Other Liabilities

39 Banking - Provision For Deferred Tax

40 Investments - Company

41 Principal Subsidiaries And Group Undertakings

42 Related Party Transactions

43 Post Balance Sheet Events

44 Commitments

45 Contingent Liabilities

46 Financial Instruments

47 Reconciliation Of Operating Profit To Net Operating Cash Flows