European Embedded Value (EEV) basis results

Earnings per share (in pence)

	Half year	Half year	Full year
	2008	2007*	2007*
* See note 10.
Continuing operations
From operating profit, based on longer-term investment returns, after related tax and minority interests	41.6p	39.1p	74.5p
Adjustment from post-tax longer-term investment returns to post-tax actual investment returns (after minority interests)	(58.3)p	7.0p	6.1p
Adjustment for effect of mark to market value movements on core borrowings	6.9p	4.6p	9.1p
Adjustment for post-tax effect of shareholders' share of actual gains and losses on defined benefit pension schemes	(2.8)p	1.1p	(0.2)p
Adjustment for post-tax effect of changes in economic assumptions and time value of cost of options and guarantees (after minority interests)	(6.7)p	8.2p	21.8p
Based on (loss) profit from continuing operations after tax and minority interests	(19.3)p	60.0p	111.3p
Discontinued operations
Based on profit from discontinued operations after tax and minority interests	–	9.9p	9.9p
Based on (loss) profit for the period after tax and minority interests	(19.3)p	69.9p	121.2p
Average number of shares (millions)	2,465	2,437	2,445

IR LIBRARY