Asset-backed securities: Corporate and other debt securities 17,445 2,163 19,608 17,371 2,333 19,704
2 Other comprises sub-investment grade (2016: £485 million; 2015: £544 million) and not rated (2016: £2,006 million; 2015: £1,876 million).
Loans and advances to banks There were reverse repurchase agreements which are accounted for as collateralised loans within loans and advances to banks with a carrying value of £902 million (2015: £963 million), against which the Group held collateral with a fair value of £785 million (2015: £1,009 million).
Past due but not impaired £m Impaired £m Gross £m 70 per cent to 80 per cent 39,789 1,004 648 41,441 45,764 1,350 671 47,785 80 per cent to 90 per cent 23,589 621 495 24,705 27,529 935 528 28,992 90 per cent to 100 per cent 7,983 223 355 8,561 10,908 610 247 11,765
Impaired secured lending The value of collateral is re-evaluated and its legal soundness re-assessed if there is observable evidence of distress of the borrower; this evaluation is used to determine potential loss allowances and management’s strategy to try to either repair the business or recover the debt.
Irrevocable loan commitments and other credit-related contingencies At 31 December 2016, the Group held irrevocable loan commitments and other credit-related contingencies of £66,240 million (2015: £65,719 million). Collateral is held as security, in the event that lending is drawn down, on £10,053 million (2015: £9,551 million) of these balances.
In respect of retail portfolios, the Group does not take physical possession of properties or other assets held as collateral and uses external agents to realise the value as soon as practicable, generally at auction, to settle indebtedness. Any surplus funds are returned to the borrower or are otherwise dealt with in accordance with appropriate insolvency regulations. In certain circumstances the Group takes physical possession of assets held as collateral against commercial lending. In such cases, the assets are carried on the Group’s balance sheet and are classified according to the Group’s accounting policies.
Trading and other financial assets at fair value through profit or loss 6,991 6,478
Cash and balances at central banks 47,446 2 4 – – – – – 47,452
Loans and advances to customers 20,179 10,651 14,235 12,400 10,773 26,007 69,300 294,413 457,958
Loans and advances to banks 9,802 4,676 4,157 915 1,095 1,784 2,076 612 25,117
Loans and advances to customers 19,392 6,351 11,864 8,318 11,426 28,061 68,685 301,078 455,175
Derivative financial liabilities: Gross settled derivatives – net flows 1,500 1,092 1,173 2,079 1,987 7,831
The principal amount for undated subordinated liabilities with no redemption option is included within the over five years column; interest of approximately £23 million (2015: £39 million) per annum which is payable in respect of those instruments for as long as they remain in issue is not included beyond five years.
Further information on the Group’s liquidity exposures is provided on pages 154 to 157.
Change in derivative financial instruments, trading and other financial assets at fair value through profit or loss (13,889) 20,689 (11,767)
3 A number of capital transactions entered into by the Group involved the exchange of existing securities for new issues and as a result there was no related cash flow.
Total cash and cash equivalents 62,388 71,953 65,147 1 Mandatory reserve deposits are held with local central banks in accordance with statutory requirements; these deposits are not available to finance the Group’s day-to-day operations.
Included within cash and cash equivalents at 31 December 2016 is £14,475 million (2015: £13,545 million; 2014: £12,855 million) held within the Group’s long-term insurance and investments businesses, which is not immediately available for use in the business.
Trading and other assets at fair value through profit or loss – 3,420 11
NOTE 54: ACQUISITION OF MBNA LIMITED On 20 December 2016, the Group signed an agreement with Bank of America Merrill Lynch (BAML) to purchase 100 per cent of the share capital of MBNA Limited, a UK consumer credit card business, for a cash consideration of £1.9 billion. The Group is expected to acquire control of MBNA Limited during 2017, subject to the receipt of competition and regulatory approval.
Classification and Measurement IFRS 9 requires financial assets to be classified into one of three measurement categories, fair value through profit or loss, fair value through other comprehensive income or amortised cost. Financial assets will be measured at amortised cost if they are held within a business model the objective of which is to hold financial assets in order to collect contractual cash flows, and their contractual cash flows represent solely payments of principal and interest. Financial assets will be measured at fair value through other comprehensive income if they are held within a business model the objective of which is achieved by both collecting contractual cash flows and selling financial assets and their contractual cash flows represent solely payments of principal and interest. Financial assets not meeting either of these two business models; and all equity instruments (unless designated at inception to fair value through other comprehensive income); and all derivatives are measured at fair value through profit or loss. An entity may, at initial recognition, designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch.
IFRS 9 replaces the existing ‘incurred loss’ impairment approach with an Expected Credit Loss (‘ECL’) model, resulting in earlier recognition of credit losses compared with IAS 39. Expected credit losses are the unbiased probability weighted average credit losses determined by evaluating a range of possible outcomes and future economic conditions.
The ECL model has three stages. Entities are required to recognise a 12 month expected loss allowance on initial recognition (stage 1) and a lifetime expected loss allowance when there has been a significant increase in credit risk since initial recognition (stage 2). Stage 3 requires objective evidence that an asset is credit-impaired, which is similar to the guidance on incurred losses in IAS 39.
IFRS 9 models will use three key input parameters for the computation of expected loss, being probability of default (‘PD’), loss given default (‘LGD’) and exposure at default (‘EAD’). However, given the conservatism inherent in the regulatory expected losses calculation, some adjustments to these components must be made to ensure compliance with IFRS 9. Some of the key requirements are listed in the following table.
EAD – Anticipates additional drawings made by customers who are yet to default
– Downturn EAD, appropriate to a severe but plausible economic downturn
– Forward-looking 12 month PD or lifetime PD, considering a range of possible outcomes
– No explicit definition of default – Rebuttable presumption that default does not occur later than when a financial asset is 90 days past due
– Discount cash flows to take account of the uncertainties associated with the receipt of recoveries with respect to a defaulted exposure
IFRS 15 Revenue from Contracts with Customers IFRS 15 replaces IAS 18 Revenue and IAS 11 Construction Contracts. Financial instruments, leases and insurance contracts are out of scope however, fee recognition associated with credit cards and packaged products, for example, will need to be reviewed. The standard is not currently expected to have a significant impact on the Group’s profitability. Limited, or no systems or process impacts are expected as a result of adopting IFRS 15. IFRS 15 is effective for annual periods beginning on or after 1 January 2018.
IFRS 16 Leases IFRS 16 replaces IAS 17 Leases and requires lessees to recognise a right of use asset and a liability for future payments arising from a lease contract. Lessees will recognise a finance charge on the liability and a depreciation charge on the asset which could affect the timing of the recognition of expenses on leased assets. This change will mainly impact the properties that the Group currently accounts for as operating leases. Finance systems will need to be changed to reflect the new accounting rules and disclosures. Lessor accounting requirements remain aligned to the current approach under IAS 17. IFRS 16 is effective for annual periods beginning on or after 1 January 2019.
2 The parent company recorded a profit after tax for the year of £3,135 million (2015: £897 million).
Distributions on other equity instruments, net of tax – – – (225) (225) – (225)
Issue of ordinary shares 3 – – – 3 – 3
Movement in treasury shares – – – (182) (182) – (182)
Distributions on other equity instruments, net of tax – – – (314) (314) – (314)
Distributions on other equity instruments, net of tax – – – (330) (330) – (330)
Other employee award schemes – – – 168 168 – 168 1 Total comprehensive income comprises only the profit (loss) for the year; no statement of comprehensive income has been shown for the parent company, as permitted by section 408 of the Companies Act 2006.
Net cash (used in) provided by investing activities 8,985 1,093 (2,554)
Cash and cash equivalents at beginning of year 24 195 511
Cash and cash equivalents at end of year 42 24 195 1 See note 1.
NOTE 1: BASIS OF PREPARATION AND ACCOUNTING POLICIES The Company has applied International Financial Reporting Standards as adopted by the European Union in its financial statements for the year ended 31 December 2016. IFRS comprises accounting standards prefixed IFRS issued by the International Accounting Standards Board and those prefixed IAS issued by the IASB’s predecessor body as well as interpretations issued by the IFRS Interpretations Committee and its predecessor body. The EU endorsed version of IAS 39 Financial Instruments: Recognition and Measurement relaxes some of the hedge accounting requirements; the Company has not taken advantage of this relaxation, and therefore there is no difference in application to the Company between IFRS as adopted by the EU and IFRS as issued by the IASB.
Repurchases and redemptions during the year: 6.267% Non-Cumulative Fixed to Floating Rate Preference Shares callable 2016 (US$1,000 million)1 (319) – – (319)
NOTE 8: RELATED PARTY TRANSACTIONS Key management personnel The key management personnel of the Group and the Company are the same. The relevant disclosures are given in note 47 to the consolidated financial statements.
Details of the subsidiaries and related undertakings are given on pages 293 to 300 and are incorporated by reference.
The derivative assets designated as hedging instruments represent level 2 portfolios. The derivative assets classified as held for trading (not being designated as hedging instruments) shown above at 31 December 2015 represented level 3 portfolios.
Fair values of financial assets and liabilities The valuation techniques for the Company’s financial instruments are as discussed in note 49 to the consolidated financial statements.
10 million sq. ft. of commercial real estate space to become energy efficient by 2020
Note: All internet services are available 24/7. Telephone dealing services are available between 8.00 am and 9.15 pm, Monday to Friday and 9.00 am to 1.00 pm on Saturday. To open a share dealing account with any of these services, you must be 18 years of age or over and be resident in the UK, Jersey, Guernsey or the Isle of Man.
Shareholder helpline 0371 384 2990* from within the UK +44 121 415 7066 from outside the UK *Lines are open from 8.30 am to 5.30 pm Monday to Friday, excluding English and Welsh public holidays.
American Depositary Receipts (ADRs) Our shares are traded in the USA through a New York Stock Exchange-listed sponsored ADR facility with The Bank of New York Mellon as the depositary. The ADRs are traded on the New York Stock Exchange under the symbol LYG. The CUSIP number is 539439109 and the ratio of ADRs to ordinary shares is 1:4.
If a shareholder is concerned that they may have been targeted by such a scheme, please contact the FCA Consumer Helpline on 0800 111 6768 or use the online ‘Share Fraud Reporting Form’ available from their website (see above). We would also recommend contacting the Police through Action Fraud on 0300 123 2040 or visiting www.actionfraud.org.uk for further information.
Return on required equity Statutory profit after tax adjusted to reflect the notional earnings on any excess or shortfall in equity less the post-tax profit attributable to other equity holders, divided by the average required equity for the period.
Central counterparty (CCP) An institution mediating between the buyer and seller in a financial transaction, such as a derivative contract or repurchase agreement. Where a CCP is used, a single bilateral contract between the buyer and the seller is replaced with two contracts, one between the buyer and the CCP and one between the CCP seller.
A provision held for loan losses that have been incurred but not separately identified at the balance sheet date.
Common equity tier 1 capital (CET1) The highest quality form of regulatory capital under CRD IV that comprises common shares issued and related share premium, retained earnings and other reserves excluding the cash flow hedging reserve, less specified regulatory adjustments.
Assets which have been delivered to central banks to facilitate future drawdowns under central bank funding schemes and assets which are encumbered under such schemes.
Assets regarded by the Group to be readily realisable in the normal course of business, to secure funding, meet collateral needs, or be sold to reduce potential future funding requirements, and are not subject to any restrictions on their use for these purposes.
Unencumbered assets – cannot be used Assets that have not been pledged but which the Group has assessed could not be pledged and therefore could not be used to secure funding, meet collateral needs, or be sold to reduce potential future funding requirements.
Funding 19 Tabulate encumbered and unencumbered assets by balance sheet categories 158 20 Tabulate consolidated total assets, liabilities and off-balance sheet commitments by remaining contractual maturity at the balance sheet date. 156, 270-272 21 Discuss the bank’s funding strategy, including key sources and any funding concentrations. 154-156 Market risk 22 Describe linkages between line items in the balance sheet with positions included in the traded and non-traded market risk disclosures.
23 Provide breakdowns of significant trading and non trading market risk factors. 146-151 24 Describe significant market risk measurement model limitations, assumptions and validation procedures. 146-151, Pillar 3 25 Describe the primary risk management techniques employed to measure and assess the risk of loss beyond reported risk measures and parameters, such as VaR, earnings or economic value scenario results. 146-151, Pillar 3
ACL Autolease Holdings Ltd 100% 1 ADF No.1 Pty Ltd 100% 8 Alex Lawrie Factors Ltd 100% 9 Alex Lawrie Receivables Financing Ltd 100% 9 Amberdate Ltd 100% 1 100% iv AN Vehicle Finance Ltd 100% 1 Anglo Scottish Utilities Partnership 1 n/a + * Aquilus Ltd 100% 1 Automobile Association Personal Finance Ltd 100% 4 Bank of Scotland (B.G.S) London Nominees Ltd n/a 5 * Bank of Scotland (Stanlife) London Nominees Ltd n/a 5 * Bank of Scotland Branch Nominees Ltd 100% 5 Bank of Scotland Capital Funding (Jersey) Ltd 100% 10 Bank of Scotland Capital Funding L.P. 100% 10 Bank of Scotland Central Nominees Ltd n/a 5 * Bank of Scotland Edinburgh Nominees Ltd n/a 5 * Bank of Scotland Equipment Finance Ltd 100% 2 Bank of Scotland Hong Kong Nominees Ltd n/a 11 * Bank of Scotland Insurance Services Ltd 99.99% (100%) 5 Bank of Scotland Leasing Ltd 100% 2 Bank of Scotland LNG Leasing (No 1) Ltd 100% 1 Bank of Scotland London Nominees Ltd n/a 5 * Bank of Scotland Nominees (Unit Trusts) Ltd n/a 5 * Bank of Scotland P.E.P. Nominees Ltd n/a 5 * Bank of Scotland plc 99.99% (100%) 5
Bank of Scotland Structured Asset Finance Ltd 100% 1 Bank of Scotland Transport Finance 1 Ltd 100% 2 Bank of Wales Ltd 100% 2 Barbirolli Square Limited Partnership n/a 3 * Barents Leasing Ltd 100% 1 Barnwood Mortgages Ltd 100% 12 Bavarian Mortgages No. 5 Ltd (in liquidation) 99.998% (100%) 13 Birchcrown Finance Ltd 100% 1 iv 100% vi Birmingham Midshires Asset Management Ltd 100% 4 Birmingham Midshires Financial Services Ltd 100% 4 Birmingham Midshires Land Development Ltd 100% 4 Birmingham Midshires Mortgage Services Ltd 100% 4 Birmingham Midshires Mortgage Services No.1 Ltd (in strike off) 100% 4 Black Horse (TRF) Ltd 100% 1 Black Horse Executive Mortgages Ltd 100% 1 Black Horse Finance Holdings Ltd 100% 1 i 100% ii Black Horse Finance Management Ltd 100% 1 Black Horse Group Ltd 100% 1
Black Horse Ltd 100% 1 Black Horse Offshore Ltd 100% 6 Black Horse Property Services Ltd 100% 1 Boltro Nominees Ltd 100% 1 BOS (Ireland) Nominees Ltd (in liquidation) 100% 32 BOS (Ireland) Property Services 2 Ltd 100% 16 BOS (Ireland) Property Services Ltd 100% 16 BOS (PB) LLC 100% 14 BOS (Shared Appreciation Mortgages (Scotland) No. 2) Ltd 100% 4 BOS (Shared Appreciation Mortgages (Scotland) No. 3) Ltd 100% 4 BOS (Shared Appreciation Mortgages (Scotland)) Ltd 100% 4 BOS (Shared Appreciation Mortgages) No. 1 plc 99.99% (100%) 4 # BOS (Shared Appreciation Mortgages) No. 2 plc 99.99% (100%) 4 # BOS (Shared Appreciation Mortgages) No. 3 plc 99.99% (100%) 4 # BOS (Shared Appreciation Mortgages) No. 4 plc 99.99% (100%) 4 # BOS (Shared Appreciation Mortgages) No. 5 plc 99.99% (100%) 4 # BOS (Shared Appreciation Mortgages) No. 6 plc 99.99% (100%) 4 # BOS (Southport) Holding LLC 100% 14 BOS (USA) Fund Investments Inc. 100% 14 xiii
Lloyds Bank General Insurance Holdings Ltd 100% 45 Lloyds Bank General Insurance Ltd 100% 1 Lloyds Bank General Leasing (No. 1) Ltd (in liquidation) 100% 1 Lloyds Bank General Leasing (No. 3) Ltd 100% 1 Lloyds Bank General Leasing (No. 5) Ltd 100% 1 Lloyds Bank General Leasing (No. 9) Ltd (in liquidation) 100% 13 Lloyds Bank General Leasing (No. 11) Ltd 100% 1 Lloyds Bank General Leasing (No. 17) Ltd 100% 1 Lloyds Bank General Leasing (No. 18) Ltd 100% 1 Lloyds Bank General Leasing (No. 20) Ltd 100% 1 Lloyds Bank GF (Holdings) Ltd (in liquidation) 100% 13 Lloyds Bank Hill Samuel Holding Company Ltd 100% 1 Lloyds Bank Insurance Services (Direct) Ltd 100% 1 Lloyds Bank Insurance Services Ltd 100% 1 Lloyds Bank International Ltd 100% 6 Lloyds Bank Leasing (No. 3) Ltd 100% 1 Lloyds Bank Leasing (No. 4) Ltd 100% 1 Lloyds Bank Leasing (No. 6) Ltd 100% 1 Lloyds Bank Leasing (No. 7) Ltd (in liquidation) 100% 1 Lloyds Bank Leasing (No. 8) Ltd 100% 1 Lloyds Bank Leasing Ltd 100% 1 Lloyds Bank Maritime Leasing (No. 2) Ltd (in liquidation) 100% 1 Lloyds Bank Maritime Leasing (No. 3) Ltd (in liquidation) 100% 13 Lloyds Bank Maritime Leasing (No. 8) Ltd 100% 1 Lloyds Bank Maritime Leasing (No. 10)Ltd 100% 1 Lloyds Bank Maritime Leasing (No. 12)Ltd 100% 1 Lloyds Bank Maritime Leasing (No. 13)Ltd 100% 1 Lloyds Bank Maritime Leasing (No. 15)Ltd 100% 1 Lloyds Bank Maritime Leasing (No.16) Ltd 100% 1 Lloyds Bank Maritime Leasing (No. 17)Ltd 100% 1 Lloyds Bank Maritime Leasing (No. 18)Ltd 100% 1 Lloyds Bank Maritime Leasing Ltd 100% 1 Lloyds Bank Mtch Ltd 100% 1 Lloyds Bank Nominees Ltd 100% 1 Lloyds Bank Offshore Pension Trust Ltd 91% (100%) 6 Lloyds Bank Pension ABCS (No. 1) LLP n/a 1 * Lloyds Bank Pension ABCS (No. 2) LLP n/a 1 * Lloyds Bank Pension Trust (No. 1) Ltd 100% 1 Lloyds Bank Pension Trust (No. 2) Ltd 100% 1 Lloyds Bank Pensions Property (Guernsey) Ltd 100% 37 i 100% ii Lloyds Bank plc 99.99% (100%) 1 ^ 100% ^ x 100% ^ x Lloyds Bank Private Banking Ltd 100% 1 Lloyds Bank Properties Ltd 100% 1 Lloyds Bank Property Company Ltd 100% 1 Lloyds Bank S.F. Nominees Ltd 100% 1 Lloyds Bank Subsidiaries Ltd 100% 1 100% iv Lloyds Bank Trust Company (International) Ltd 100% 1 Lloyds Bank Trustee Services Ltd 100% 1 Lloyds Banking Group Pensions Trustees Ltd 100% 1 Lloyds Capital 2 L.P n/a 6 * Lloyds Commercial Leasing Ltd 100% 1 Lloyds Commercial Properties Ltd 100% 1 Lloyds Commercial Property Investments Ltd 100% 1 Lloyds Corporate Services (Jersey) Ltd 100% 6 Lloyds Development Capital (Holdings) Ltd 100% 40 Lloyds Engine Capital (No.1) U.S LLC 100% 14 Lloyds Far East Ltd 100% 46 Lloyds Financial Leasing Ltd (in liquidation) 100% 1 Lloyds General Leasing Ltd 100% 1 Lloyds Group Holdings (Jersey) Ltd 99.4% (100%) 47 i # 100% ii 100% vii Lloyds Holdings (Jersey) Ltd 100% 6 Lloyds Industrial Leasing Ltd 100% 1 Lloyds International Pty Ltd 100% 8 Lloyds Investment Bonds Ltd 100% 1 Lloyds Investment Fund Managers Ltd 100% 6 Lloyds Investment Securities No.5 Ltd 100% 1 Lloyds Leasing (North Sea Transport) Ltd 100% 1 Lloyds Leasing Developments Ltd 100% 1 Lloyds Merchant Bank Asia Ltd 100% 31 100% iv
Nevada Topco Ltd 73.2% National Exhibition Centre, Birmingham, B40 1NT & Nexinto Ltd 65.3% 55 Baker Street, London, W1U 7EU & Northern Edge Ltd 39.4% The Beacon, 176 St. Vincent Street, Glasgow, G2 5SG ii Omnium Leasing Company 39% N/A + Onapp (Topco) II Ltd 70.1% The Old Truman Brewery, 91 Brick Lane, London, EC20 2AX & Onapp (Topco) Ltd 56.3% The Old Truman Brewery, 91 Brick Lane, London, EC20 2AX & Osprey Aviation Services (UK) Ltd 65.5% Blackwood House, Union Grove Lane, Aberdeen, AB10 6XU & Pacific Shelf 1809 Ltd 66.9% Seabrook House, Duncombe Street, Bradford, West Yorkshire, BD8 9AJ & Panther Partners Ltd 61.4% 16 Kirby Street, London, EC1N 8TS & Paw Topco Ltd 46.9% Birkbecks, Water Street, Skipton, North Yorkshire, BD23 1PB PEI Group Topco Ltd 34.9% 140 London Wall, London, EC2Y 5DN Personal Touch Holdings Ltd 18.9% 3 Trinity Park, Solihull, West Midlands, B37 7ES & Pertemps Network Group Ltd 27.2% Meriden Hall, Main Road, Meriden, Coventry PIHL Equity Administration Ltd 100% Cavendish House, 18 Cavendish Square, London, W1G 0PJ ii PIMCO (Holdings) Ltd 61.9% Dearing House, 1 Young Street, Sheffield, S1 4UP & Power Topco Ltd 54.9% Roundhouse Road, Faverdale Industrial Estate, Darlington, County Durham DL3 0UR & Prestbury 1 Limited Partnership n/a Cavendish House, 18 Cavendish Square, London, W1G 0PJ * Prestbury Hotel Holdings Ltd (in liquidation) 100% 15 Canada Square, London, E14 5GL vii Prestbury Wentworth Holdings Ltd (in liquidation) 100% KPMG LLP Arlington Business Park, Theale, Reading, RG7 4SD vii Prism Medical Healthcare Ltd 65.1% Unit 4, Jubilee Business Park, Jubilee Way, Grange Moor, West Yorkshire, WF4 4TD & Quantel Holdings Ltd 83.1% Turnpike Road, Newbury, Berkshire, RG14 2NX & Ramco Acquisition Ltd 60% Blackwood House, Union Grove Lane, Aberdeen, AB10 6XU & Rectory (Aston Clinton) Ltd 23.5% Rectory House, Thame Road, Haddenham, Aylesbury, Buckinghamshire, HP17 8DA Rolls Development UK Ltd (in liquidation) 50% 105 St Peters Street, St Albans, AL1 3EJ ii Sapphire Retail Fund Ltd (in liquidation) 50% Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU ii SHOO 788AA Ltd 73.2% 21-22 Balena Close, Poole, Dorset, BH17 7DX & Southport Green Acquisition LLC 50% 1095 Avenue of the Americas, New York, NY 10036, United States Specialist People Services Group Ltd 51.6% 7 Bradford Business Park, Kingsgate, Bradford, BD1 4SJ & SSP Topco Ltd 54.2% 2nd Floor, G Mill, Dean Clough, Halifax, HX3 5AX & Stewart Milne (Glasgow) Ltd 100% Level 1, Citymark, 150 Fountainbridge, Edinburgh, EH3 9PE i Stewart Milne (West) Ltd 100% Level 1, Citymark, 150 Fountainbridge, Edinburgh, EH3 9PE i Stratus (Holdings) Ltd 66.6% Old Truman Brewery, 91 Brick Lane, London , EC20 2AX & Stroma Group Ltd 36.4% Unit 4, Pioneer Way, Castleford, West Yorkshire, WF10 5QU Tantallon Acquisition LLC 100% Corporation Trust Centre, 1209 Orange Street, Wilmington, DE 19801, United States Tantallon Austin Hotel LLC 100% National Registered Agents Inc., 160 Greentree Drive, Suite 101, Dover, DE19904, United States Tantallon Austin LLC 100% National Registered Agents Inc., 160 Greentree Drive, Suite 101, Dover, DE19904, United States Tantallon LLC 50% Corporation Trust Centre, 1209 Orange Street, Wilmington, DE 19801, United States Team 17 Holdings Ltd 29% Castleview House, Calder Island Way, Wakefield, West Yorkshire, WF2 7AW Test Equipment Asset Management Ltd 64% Unit 1 Waverley Industrial Estate, Hailsham Drive, Harrow, Middlesex, HA1 4TR & The Exceed Partnership LP n/a Cavendish House, 39-41 Waterloo Street, Birmingham, B2 5PP * The Great Wigmore Partnership (G.P.) Ltd 50% 33 Cavendish Square, London, W1G 0PW The Great Wigmore Partnership n/a 33 Cavendish Square, London, W1G 0PW * The Moment Content Group Ltd 60.3% 3 Bush Park, Estover, Plymouth, PL6 7RG & The Pallet Network Group Limited 35.7% Prologis Park, Midpoint Way, Minworth, Sutton Coldfield, West Midlands, B76 9EH The Scottish Agricultural Securities Corporation plc (in liquidation) 33.33% Titanium, 1 Kings Inch Place, Renfrew, PA4 8WF The Training Grp Holdings Ltd 40.9% 2nd Floor, Waterloo House, Fleets Corner, Waterloo Road, Poole, Dorset, BH17 0HL Thistlerow Ltd 25% Radleigh House 1 Golf Road, Clarkston, Glasgow, G76 7HU
ABERDEEN PRIVATE EQUITY FUND OF FUNDS (2007) PLC 96.80% 3 ABERDEEN PROPERTY ICVC 8
BLACKROCK BALANCED GROWTH PORTFOLIO FUND 33.74% 9 BLACKROCK UK SMALLER COMPANIES FUND 22.72% 9 BNY MELLON INVESTMENT FUNDS I 10
HBOS UK INVESTMENT FUNDS ICVC 1 UK Equity Income Fund 63.13% UK Growth Fund 63.04% UK FTSE All-Share Index Tracking Fund 59.39%
MULTI MANAGER ICVC 2 Multi Manager UK Equity Growth Fund 70.69% Multi Manager UK Equity Income Fund 24.87% Multi Manager UK Equity Focus Fund 23.47% Multi Manager Global Real Estate Fund 21.32%
SCHRODER GILT AND FINXED INTEREST FUND 24.15% 16 SCOTTISH WIDOWS INCOME AND GROWTH FUNDS ICVC 2
SSGA ASIA PACIFIC TRACKER FUND 84.66% 4 SSGA EUROPE (EX UK) 96.00% 4 SSGA UK EQUITY TRACKER FUND 91.64% 4
SSGA NORTH AMERICAN EQUITY FUND 100% 4 SWIP EUROPEAN BALANED PROPERTY FUND 83.988% 5 UNIVERSE, THE CMI GLOBAL NETWORK 6
CMIG GA 70 Flexible 100% CMIG GA 80 Flexible 100% CMIG GA 90 Flexible 100% European Enhanced Equity 100% CMIG Access 80% 100% Continental Euro Equity 97.54% UK Equity 73.27% US Enhanced Equity 86.78% Japan Enhanced Equity 96.76% Pacific Enhanced Basin 78.73% Euro Bond 66.52% US Bond 93.81% US Currency Reserve 78.99% Euro Currency Reserve 98.57% CMIG Focus Euro Bond 99.97%
UBS INVESTMENT FUNDS ICVC 17 UBS Global Optimal Fund 27.40% UBS UK Opportunities Fund 49.87%
Luxemburg (19) LDI Solutions Plus plc, 2nd Floor, Beaux Lane House, Mercer Street Lower, Dublin 2,
EC2R 7AF (72) 40a Station Road, Upminster, Essex, RM14 2TR (73) 1st Floor, 1-2 Victoria Buildings, Haddington Road, Dublin 4, Ireland (74) Black Horse House, Bentalls, Basildon, Essex, SS14 3BY (75) Maples and Calder, P.O. Box 309, Ugland House, South Church Street, George Town,