UK FINANCIAL INVESTMENTS

UK Financial Investments (UKFI) was created in November 2008 as part of the UK’s response to the financial crisis. UKFI is responsible for managing the Government’s shareholdings in The Royal Bank of Scotland Group plc and Lloyds Banking Group plc. UKFI is also responsible for managing the Government’s 100% shareholding and loans in UK Asset Resolution Ltd (“UKAR”) and its subsidiaries. UKAR was formed during 2010 to integrate the activities of Northern Rock (Asset Management) plc and Bradford & Bingley plc. UKFI managed the Government’s 100% shareholding in Northern Rock plc from Northern Rock plc’s formation on 1 January 2010 up to its sale to Virgin Money on 1 January 2012.