Division 8.1 Reduction in market presence in the public investment finance and budget finance business lines

At 31 December 2010 HRE had closed the 15 sites listed below in the public investment finance and budget finance business lines:

1. (i)

   Amsterdam;

2. (ii)

   Athens;

3. (iii)

   Bucharest;

4. (iv)

   Chicago;

5. (v)

   Frankfurt am Main;

6. (vi)

   Hong Kong;

7. (vii)

   Istanbul;

8. (viii)

   Copenhagen;

9. (ix)

   Milan (sales section of the site);

10. (x)

    Mexico City;

11. (xi)

    Mumbai;

12. (xii)

    Nicosia;

13. (xiii)

    São Paulo;

14. (xiv)

    Sacramento; and

15. (xv)

    Warsaw.