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next note: Realised profits on disposal of investments

Note 1 - Segmental analysis of total return The Group carries on its private equity business in four geographical areas, the United Kingdom, continental Europe, the US and Asia Pacific and has one principal activity – the making of investments. The information shown below is based on the geographical location of investee companies and for the US and Asia Pacific also includes the results of older joint venture businesses. Geographical areas United  Kingdom  2004  £m  Continental  Europe  2004  £m   US  2004  £m  Asia  Pacific  2004  £m  Total  2004  £m  Interest receivable and similar income arising from debt securities and other    fixed income securities held as financial fixed asset investments 67  22  2  1  92  Dividend income from equity shares 83  10  1  –  94  Fees receivable 22  24  –  2  48  Other income 28  5  –  –  33  Total operating income before interest payable 200  61  3  3  267  Revenue profit before tax 126  13  (1)  1  139  Capital profit before tax 261  131  (26)  30  396  Total return before tax 387  144  (27)  31  535  Net assets 2,405  848  84  58  3,395  Total assets 3,414  1,703  211  84  5,412              Geographical areas United  Kingdom  2003  £m  Continental  Europe  2003  £m  US  2003  £m  Asia  Pacific  2003  £m  Total  2003  £m  Interest receivable and similar income arising from debt securities and other    fixed income securities held as financial fixed asset investments 96  16  –  1  113  Dividend income from equity shares 89  17  –  –  106  Fees receivable 30  24  –  2  56  Other income 29  3  1  –  33  Total operating income before interest payable 244  60  1  3  308  Revenue profit before tax 186  (12)  (2)  –  172  Capital profit before tax (586)  (377)  (140)  (15)  (1,118)  Total return before tax (400)  (389)  (142)  (15)  (946)  Net assets 2,158  568  159  51  2,936  Total assets 3,360  1,348  198  93  4,999

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