<?xml version="1.0"?>
<xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:ifrs="http://xbrl.iasb.org/taxonomy/2010-04-30/ifrs">
  <link:schemaRef xlink:href="example2_2010-07-22.xsd" xlink:type="simple"/>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-3-1279825277711" decimals="0" unitRef="GBP">4000000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-2-1279825277710" decimals="0" unitRef="GBP">500000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-1-1279825277709" decimals="0" unitRef="GBP">1500000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-0-1279825277706" decimals="0" unitRef="GBP">6000000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-3-1279825277711" decimals="0" unitRef="GBP">1000000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-2-1279825277710" decimals="0" unitRef="GBP">100000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-1-1279825277709" decimals="0" unitRef="GBP">700000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-0-1279825277706" decimals="0" unitRef="GBP">1800000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-3-1279825277711" decimals="0" unitRef="GBP">3000000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-2-1279825277710" decimals="0" unitRef="GBP">400000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-1-1279825277709" decimals="0" unitRef="GBP">800000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-0-1279825277706" decimals="0" unitRef="GBP">4200000</ifrs:PropertyPlantAndEquipment>
  <ifrs:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="e-15-1279825277725" decimals="0" unitRef="GBP">500000</ifrs:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="e-13-1279825277723" decimals="0" unitRef="GBP">600000</ifrs:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="e-12-1279825277722" decimals="0" unitRef="GBP">1100000</ifrs:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs:DisposalsPropertyPlantAndEquipment contextRef="e-13-1279825277723" decimals="0" unitRef="GBP">200000</ifrs:DisposalsPropertyPlantAndEquipment>
  <ifrs:DisposalsPropertyPlantAndEquipment contextRef="e-12-1279825277722" decimals="0" unitRef="GBP">200000</ifrs:DisposalsPropertyPlantAndEquipment>
  <ifrs:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="e-14-1279825277724" decimals="0" unitRef="GBP">150000</ifrs:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="e-12-1279825277722" decimals="0" unitRef="GBP">150000</ifrs:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs:DepreciationPropertyPlantAndEquipment contextRef="e-15-1279825277725" decimals="0" unitRef="GBP">100000</ifrs:DepreciationPropertyPlantAndEquipment>
  <ifrs:DepreciationPropertyPlantAndEquipment contextRef="e-14-1279825277724" decimals="0" unitRef="GBP">50000</ifrs:DepreciationPropertyPlantAndEquipment>
  <ifrs:DepreciationPropertyPlantAndEquipment contextRef="e-13-1279825277723" decimals="0" unitRef="GBP">200000</ifrs:DepreciationPropertyPlantAndEquipment>
  <ifrs:DepreciationPropertyPlantAndEquipment contextRef="e-12-1279825277722" decimals="0" unitRef="GBP">350000</ifrs:DepreciationPropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-7-1279825277716" decimals="0" unitRef="GBP">4500000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-6-1279825277715" decimals="0" unitRef="GBP">500000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-5-1279825277713" decimals="0" unitRef="GBP">1800000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-4-1279825277712" decimals="0" unitRef="GBP">6800000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-7-1279825277716" decimals="0" unitRef="GBP">1100000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-6-1279825277715" decimals="0" unitRef="GBP">300000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-5-1279825277713" decimals="0" unitRef="GBP">800000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-4-1279825277712" decimals="0" unitRef="GBP">2200000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-7-1279825277716" decimals="0" unitRef="GBP">3400000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-6-1279825277715" decimals="0" unitRef="GBP">200000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-5-1279825277713" decimals="0" unitRef="GBP">1000000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-4-1279825277712" decimals="0" unitRef="GBP">4600000</ifrs:PropertyPlantAndEquipment>
  <ifrs:DepreciationPropertyPlantAndEquipment contextRef="e-19-1279825277729" decimals="0" unitRef="GBP">200000</ifrs:DepreciationPropertyPlantAndEquipment>
  <ifrs:DepreciationPropertyPlantAndEquipment contextRef="e-18-1279825277728" decimals="0" unitRef="GBP">50000</ifrs:DepreciationPropertyPlantAndEquipment>
  <ifrs:DepreciationPropertyPlantAndEquipment contextRef="e-17-1279825277727" decimals="0" unitRef="GBP">250000</ifrs:DepreciationPropertyPlantAndEquipment>
  <ifrs:DepreciationPropertyPlantAndEquipment contextRef="e-16-1279825277726" decimals="0" unitRef="GBP">500000</ifrs:DepreciationPropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-11-1279825277721" decimals="0" unitRef="GBP">4500000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-10-1279825277720" decimals="0" unitRef="GBP">500000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-9-1279825277719" decimals="0" unitRef="GBP">1800000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentGross contextRef="e-8-1279825277718" decimals="0" unitRef="GBP">6800000</ifrs:PropertyPlantAndEquipmentGross>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-11-1279825277721" decimals="0" unitRef="GBP">1300000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-10-1279825277720" decimals="0" unitRef="GBP">350000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-9-1279825277719" decimals="0" unitRef="GBP">1050000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment contextRef="e-8-1279825277718" decimals="0" unitRef="GBP">2700000</ifrs:PropertyPlantAndEquipmentAccumulatedDepreciationAndImpairment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-11-1279825277721" decimals="0" unitRef="GBP">3200000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-10-1279825277720" decimals="0" unitRef="GBP">150000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-9-1279825277719" decimals="0" unitRef="GBP">750000</ifrs:PropertyPlantAndEquipment>
  <ifrs:PropertyPlantAndEquipment contextRef="e-8-1279825277718" decimals="0" unitRef="GBP">4100000</ifrs:PropertyPlantAndEquipment>
  <xbrli:context id="e-0-1279825277706">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2007-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="e-1-1279825277709">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2007-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:OfficeEquipmentMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-2-1279825277710">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2007-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:VehiclesMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-3-1279825277711">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2007-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:LandAndBuildingsMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-4-1279825277712">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="e-5-1279825277713">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:OfficeEquipmentMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-6-1279825277715">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:VehiclesMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-7-1279825277716">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:LandAndBuildingsMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-8-1279825277718">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="e-9-1279825277719">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:OfficeEquipmentMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-10-1279825277720">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:VehiclesMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-11-1279825277721">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-12-31</xbrli:instant>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:LandAndBuildingsMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-12-1279825277722">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2008-01-01</xbrli:startDate>
      <xbrli:endDate>2008-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="e-13-1279825277723">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2008-01-01</xbrli:startDate>
      <xbrli:endDate>2008-12-31</xbrli:endDate>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:OfficeEquipmentMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-14-1279825277724">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2008-01-01</xbrli:startDate>
      <xbrli:endDate>2008-12-31</xbrli:endDate>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:VehiclesMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-15-1279825277725">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2008-01-01</xbrli:startDate>
      <xbrli:endDate>2008-12-31</xbrli:endDate>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:LandAndBuildingsMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-16-1279825277726">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="e-17-1279825277727">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:OfficeEquipmentMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-18-1279825277728">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:VehiclesMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:context id="e-19-1279825277729">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.iasb.org/xbrl/example">Example2</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-12-31</xbrli:endDate>
    </xbrli:period>
    <xbrli:scenario>
      <xbrldi:explicitMember dimension="ifrs:ClassesOfPropertyPlantAndEquipmentAxis" xmlns:xbrldi="http://xbrl.org/2006/xbrldi">ifrs:LandAndBuildingsMember</xbrldi:explicitMember>
    </xbrli:scenario>
  </xbrli:context>
  <xbrli:unit id="GBP">
    <xbrli:measure xmlns:iso4217="http://www.xbrl.org/2003/iso4217">iso4217:GBP</xbrli:measure>
  </xbrli:unit>
</xbrli:xbrl>