Video message from Euan Sutherland, Co-operative Group Chief Executive - Bank update

October 21, 2013

Following the announcements we have made today (21 October 2013), Euan Sutherland, Group Chief Executive, has recorded a short video message to update members, customers and investors on our plans for the recapitalisation of the Bank.

The key points of the message are that under the agreement in principle we have reached with our bondholders, the Group will retain a 30% shareholding in the Bank, which will make us the single largest shareholder. The Bank will retain a Co-operative position in the market by virtue of embedding our Co-operative values and principles in the Bank's articles of association.