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Message to customers

Dear customers,

Having concluded our annual planning review, the Board decided back in February to begin a process to raise capital and also to seek offers to buy the Bank.

On 19 June 2017, we updated the market saying we are in advanced discussions with a group of existing investors with a view to a capital raise.

Our decision to look at ways of building capital and to embark on a sale process has been taken very carefully. We know that our ethical banking proposition, governed by our Ethical Policy, is important to our customers. This is about the best route forward to deliver the next phase of the Bank's turnaround plan. No outcome has been decided yet and any transaction is, of course, dependent on agreeing a deal that is right for our customers and other stakeholders. We believe our approach to banking, with values and ethics at the centre of everything we do, sets us apart and remains the key reason why approximately 4 million customers choose to bank with us. As we move through this process, I would like to assure customers that this approach will be a key consideration.

We are stronger in a number of areas today than in 2013. We have worked hard to rebuild our customer proposition, differentiated by our values and ethics and strong customer service, which we know you value. We have also made considerable progress in fixing major legacy issues and making the Bank more resilient overall, underlined by the successful migration of our mainframe banking systems to our partner IBM, which marked a major milestone on our journey to turn the Bank around. However, our ability to continue to build capital for the future has been adversely impacted by the lower for longer interest rate environment and the greater than expected cost of fixing the legacy issues of the past.

As I have previously stated, I would like to reassure you that it remains very much business as usual for the Bank, and our number one priority is to continue to provide the high quality service that is valued by our customers.

We know you may have questions about this process.

I would like to thank all of our customers for their continued support and loyalty.

Best wishes,

Liam Coleman, CEO