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Increasing flexibility in Cost Base<br />

We continue to focus on a more flexible cost structure in three key<br />

areas;<br />

– Staff c. 57% of revenue<br />

– Property c. 8% of revenue<br />

– Bought-in services c. 21% of revenue<br />

Increased flexibility in all areas important to <strong>com</strong>bat any economic<br />

slowdown.

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