ࡱ>  ^ـ\p Sarah Clayton Ba==ZZMovement in own shares in respect of share-based payment p< lansRMovement on ԰Ƶ shares purchased by unit trusts consolidated under IFRS2Net increase in shareholders capital and reserves Comprising:UK operations:M&G: Net assetsAcquired goodwillAsian operations:Other operations:Holding company net borrowingsOther net liabilitiesNet asset value per share432p363poA charge is deducted from the embedded value for the cost of capital supporting the Group s long-term business. This capital is referred to as encumbered capital. The cost is the difference between the nominal value of the capital and the discounted present value of the projected releases of this capital allowing for investment earnings (net of tax) on the capital.Interim Results 2005-RShareholders capital and reserves at end of period (excluding minority interests)6Number of shares at end of reporting period (millions)LPersistency, mortality and morbidity assumptions are based on an analysis of recent experience but also reflect expected future experience. Where relevant, when calculating the time value of in-force business, policyholder withdrawal rates vary in line with the emerging investment conditions according to management s expectations.d) Expense assumptions4. Accounting presentationoThe exceptions are for the closed Scottish Amicable Insurance Fund (SAIF) and in respect of the Group s defined benefit pension schemes. SAIF is closed to new business and the assets and liabilities of the fund are wholly attributable to the policyholders of the fund. As regards the Group s defined benefit pension schemes, the deficits attaching to the Prudential Staff Pension Scheme (PSPS) and Scottish Amicable scheme are excluded. These deficits are partially attributable to the Prudential Assurance Company (PAC) with-profits fund and shareholder-backed long-term business. Further details are explained in note 2f.yThe directors are responsible for the preparation of the supplementary information in accordance with the EEV Principles.514. Reconciliation of movement in shareholders fundsLong-term business operationsUK long-term insuranceAsianGroup operationsJNLtotalNew business (note 5)Business in force (note 6) Asian fund management operations$US broker-dealer and fund managementActuarial gains and losses$Actuarial gains and losses comprise:These items are recorded in the income statement but, consistent with the IFRS basis of presentation, are excluded from operating results..f) Capital held centrally for Asian operations4Group results but attributable to external investorsVShare of investment return of funds managed by PPM America that are consolidated into ewith-profits fund that are consolidated into Group results but are attributable to external investorsVShare of profits of venture investment companies and property partnerships of the PAC !on current period equity returns*2Core structural borrowings  Jackson National LifeThe altered carrying value of core structural borrowings under EEV reflects the application of market values rather than IFRS basis values.Non-participating long-term products are the only ones where the insurer is contractually obliged to provide guarantees on all benefits. The most significant book of non-participating business in the Group s Asian operations is Taiwan s whole of life contracts. For these contracts there are floor levels of policyholder benefits that accrue at rates set at inception which are set by reference to minimum returns established by local regulation at the time of inception. These rates do not vary subsequently with market conditions. Under these contracts the cost of premiums are also fixed at inception based on a number of assumptions at that time, including long-term interest rates, mortality assumptions and expenses. The guaranteed maturity and surrender values reflect the pricing basis. Time valueThe value of financial options and guarantees comprises two parts. One is given by a deterministic valuation on best estimate assumptions (the intrinsic value). The other part arises from the variability of economic outcomes in the future (the time value).>Beyond the generic features described above, and the provisions held in respect of guaranteed annuities, there are very few explicit options or guarantees of the with-profits sub-fund such as minimum investment returns, surrender values, or annuity at retirement and any granted have generally been at very low levels.The principal options and guarantees valued under EEV for Jackson National Life (JNL) are associated with the fixed annuity and variable annuity lines of business.Fixed annuities also present a risk that policyholders will exercise their option to surrender their contracts in periods of rapidly rising interest rates, possibly requiring JNL to liquidate assets at an inopportune time.13, 14 StochasticRisk discount rate:In force>Pre-tax expected long-term nominal rates of investment return: UK equitiesOverseas equities 8.1 to 8.75 7.3 to 8.3PropertyGiltsCorporate bonds#1. Purpose and basis of preparationThe preliminary EEV interim financial information for the six month period ended 30 June 2005 has been prepared to provide the comparative financial information expected to be included in the Group's EEV interim report for the six month period ending 30 June 2006.Special Purpose Review Report of KPMG Audit Plc to Prudential Plc ('the Company') on its Preliminary European Embedded Value ( EEV ) Interim Supplementary Information for the six months to 30 June 2005We have reviewed < the preliminary EEV interim supplementary information for the six month period ended 30 June 2005 ("the preliminary EEV interim supplementary information"). The preliminary EEV interim supplementary information has been prepared in accordance with the European Embedded Value Principles issued in May 2004 by the European CFO Forum using the methodology and assumptions set out in notes 2 and 3.The EEV supplementary information presented for the 12 month periods ending 31 December 2005 and 2004 which has previously been published, is excluded from the scope of this report.This report is made solely to the Company in accordance with the terms of our engagement. Our work has been undertaken so that we might state to the Company those matters we have been engaged to state in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our work, this report, or for the opinions that we have formed.<Respective responsibilities of directors and KPMG Audit Plc As described in the basis of preparation, the directors of the Company are responsible for the preparation of the preliminary EEV interim supplementary information on an EEV basis in accordance with the EEV principles.In determining the EEV basis value of new business written in the period the policies incept, premiums are included in projected cash flows on the same basis of distinguishing annual and single premium business as set out for statutory basis reporting.(i) For UK insurance and Asian operations, unwind of discount and other expected returns is determined by reference to the value of in-force business, required capital and surplus assets at the start of the period as adjusted for the effect of changes in economic and operating assumptions reflected in the current period. For the unwind of discount for UK insurance operations included in operating results based on longer-term returns a further adjustment is made. For UK insurance operations the amount represents the unwind of discount on the value of in-force business at the beginning of the period (adjusted for the effect of current period assumption changes), the expected return on smoothed surplus assets retained within the main with-profits fund and the expected return on shareholders assets held in other UK long-term business operations. Surplus assets retained within the main with-profits fund are smoothed for this purpose to remove the effects of short-term investment volatility from operating results. In the balance sheet and for total profit reporting, asset values and investment returns are not smoothed. For JNL the return on surplus assets is shown separately.(i) Short-term fluctuations in investment returns represent for UK insurance operations the difference between actual investment returns in the period attributable to shareholders and the expected returns as described in note 3.Investment return related (loss) gain due primarily to changed expectation of profits on in-force variable annuity business in future periods based D*This adjustment arises due to market returns being (lower) higher than the assumed long-term rate of return. This gives rise to (lower) higher than expected period end values of variable annuity assets under management with a resulting effect on the projected value of future account values, and hence future profitability.TThe profit for the period for covered business is in most cases calculated initially at the post-tax level. The post-tax profit for covered business is then grossed up for presentation purposes at the effective rates of tax applicable to the countries and periods concerned. In the UK this is the UK corporation tax rate of 30 per cent. For JNL the federal rate of 35 per cent is applied to gross up movements on the value of in-force business. Effects on statutory tax for the period affect the overall tax rate. For Asia, similar principles apply subject to the availability of taxable profits.W(ii) A charge is deducted from the result for the period and balance sheet value for the cost of capital for the Group s long-term business operations. The cost is the difference between the nominal value of solvency capital and the present value, at risk discount rates, of the projected releases of this capital and the investment earnings on the capital. Where solvency capital is held within a with-profits long-term fund, the value placed on surplus assets in the fund is already discounted to reflect its release over time and no further adjustment is necessary in respect of solvency capital.Profit (loss) for the period3Shareholders capital and reserves at 30 June 2005 cashflows.)e) Results for fund management operationsCThe table of new business margins above excludes SAIF new business.(iv) Other charges of 48m for half year 2005 reflect adverse expense experience variances, the costs of new regulatory requirements and restructuring and other items. The full year 2005 other charges of 46 million include 45 million of costs associated with complying with regulatory requirements including Sarbanes-Oxley, product and distribution development, 19 million of negative experience variances and other net positive items of 18 million. In determining the appropriate expense assumptions for full year 2005 account has been taken of the cost synergies that are expected to arise with some certainty from the initiative announced on 1 December 2005 from UK insurance operations working more closely with Egg and M&G. Without this factor there would have been a charge for altered expense assumptions of approximately 55 million. The 33 million charge for other items for 2004 includes 21 million of costs associated with complying with new regulatory requirements and restructuring and 12 million of negative experience variances.(ii) For traditional business in Taiwan, the economic scenarios used to calculate the half year 2005 EEV basis results reflect the assumption of a phased progression of the bond yields from the current rates to the long-term expected rates. In preparing the half year 2005 EEV basis results the same basis has been applied as was used and disclosed for the full year 2005 results. This basis is that the projections assume that, in the average sce< nario, the current bond yields of around 2 per cent trend towards 5.5 per cent at 31 December 2012. Allowance is made for the mix of assets in the fund, future investment strategy and the market value depreciation of the bonds as a result of the assumed yield increases. This gives rise to an average assumed Fund Earned Rate that trends from 2.3 per cent to 5.4 per cent in 2013 and falls below 2.3 per cent for seven years due to the depreciation of bond values as yields rise. Thereafter, the Fund Earned Rate fluctuates around a target of 5.9 per cent. This compares to a grading of 3.4 per cent at 31 December 2004 to 5.9 per cent by 31 December 2012 for the 2004 results. Consistent with our EEV methodology, a constant discount rate has been applied to the projected,In adopting the EEV principles, ԰Ƶ has based encumbered capital on its internal targets for economic capital subject to it being at least the local statutory minimum requirements. Economic capital is assessed using internal models, but when applying EEV Prudential does not take credit for the significant diversification benefits that exist within the Group. For with-profits business written in a segregated life fund, as is the case in the UK and Asia, the capital available in the fund is sufficient to meet the encumbered capital requirements." UK: economic capital requirements for annuity business are fully met by Pillar I requirements being 4 per cent of mathematical reserves (as used for achieved profits reporting), which are also sufficient to meet Pillar II requirements;kThese guarantees generally protect the policyholder s value in the event of poor equity market performance.JNL also issues fixed index annuities that enable policyholders to obtain a portion of an equity-linked return while providing a guaranteed minimum return. The guaranteed minimum returns would be of a similar nature as those described above for fixed annuities. In the case of the potential equity participation, JNL hedges this risk by purchasing futures and options on the relevant index.The only significant financial options and guarantees in the UK insurance operations arise in the with-profits sub-fund and SAIF. With-profits products provide returns to policyholders through bonuses that are smoothed. There are two types of bonuses: annual and final. Annual bonuses are declared once a year, and once credited, are guaranteed in accordance with the terms of the particular product. Unlike annual bonuses, final bonuses are guaranteed only until the next bonus declaration.Standard deviations have been calculated by taking the annualised variance of the returns over all the simulations, taking the square root and averaging over all durations in the projection. For bonds the standard deviations relate to the yields on bonds of the average portfolio duration. For equity and property, they relate to the total return on these assets. The standard deviations applied are as follows:Standard deviationCorporate bond yield Equities:OverseasFull Year 2005Full Year 2004Full Year 2005Full Year 2004Previously, the Group has reported supplementary information on the achieved profits basis for its interim and full year financial reporting. The adoption of the EEV basis reporting in place of achieved profits basis reporting reflects developments through the CFO Forum to achieve a better level of consistency and an improved embedded value methodology, and is applied by the major European insurance companies in their financial reporting.0Notes on the EEV basis supplementary information=Core structural debt liabilities are carried at market value.3. Assumptionsa) Best estimate assumptionsRProfit from continuing operations before tax (including actual investment returns)Tax$Discontinued operations (net of tax)Attributable to:Equity holders of the CompanyMinority interestsEarnings per share  EEV basisContinuing operations56.6p43.2p66.8p56.8pDiscontinued operations0.1p(3.1)p66.9p53.7pDividends per shareInterim dividend5.30p5.19pFinal dividend11.02p10.65p16.32p15.84p4Dividends declared and paid in the reporting period:Current year interim dividendFinal dividend for prior year10.29p15.95p15.48p$(iii) The proportion of surplus allocated to shareholders from the UK with-profits business has been based on the present level of 10 per cent. Future bonus rates have been set at levels which would fully utilise the assets of the with-profits fund over the lifetime of the business in force.  30 Jun 200530 June2005 equivalentpremiumsSingleRegular(APE)(PVNBP) contribution%KoreaNew business margins are shown on two bases, namely the margins by reference to Annual Premium Equivalents (APE) and the Present Value of New Business Premiums (PVNBP). APEs are calculated as the aggregate of regular new business premiums and one tenth of single new business premiums. PVNBPs are calculated as equalling single premiums plus the present value of expected new business premiums of regular premium business, allowing for lapses and other assumptions made in determining the EEV new business contribution.*6. Operating profit from business in force6Unwind of discount and other expected returns (note i)5Cost of strengthened persistency assumption (note ii)Included within pre-tax new business profits shown in the table above are profits arising from fund management business falling within the scope of covered business of:Jackson National Life b) MarginsPresentvalueAnnualof newIndiaOtherNew business premiums reflect those premiums attaching to covered business including premiums for contracts classified as investment products for IFRS basis reporting. New business premiums for regular premium products are shown on an annualised basis. Department of Work and Pensions rebate business is classified as single recurrent premium business. Internal vesting annuity business is classified as new business where the contracts include an open market option.The Group operates three defined benefit schemes in the UK. The principal scheme is the Prudential Staff Pension Scheme (PSPS). The other two much smaller schemes are the Scottish Amicable and M&G schemes. There is also a small scheme in Taiwan.7For Prudential s UK annuity business, which is well matched, the predominant risks are credit risk and longevity risk. For this line of business the achieved profits methodology for embedded values has been carried over and the risk discount rate has been derived by comparison to a market consistent valuation.Allowance for riskUnder the EEV basis the IAS 19 basis deficit is initially allocated in the same manner. The shareholders 10 per cent interest in the PAC with-profits sub-fund estate is determined after deduction of the portion of the IAS 19 basis deficits attributable to the fund. Adjustments under EEV in respect of accounting for deficits on deferred benefit schemes are reflected as part of < other operations, as shown in note 13.3Post-tax expected long-term nominal rate of return:'Pension business (where no tax applies) Life business11. Taxation chargeThe tax charge comprises:2Tax on operating profit from continuing operationsAsian operations**Core structural borrowings  central funds"" US: level of capital that has previously been locked in for achieved profits reporting, namely 235 per cent of the risk-based capital required by the National Association of Insurance Commissioners at the Company Action Level (CAL), is sufficient to meet the economic capital requirement;" Asia: economic capital target is substantially higher than local statutory requirements in total. Economic capital requirements vary by territory, but in aggregate, the encumbered capital is equivalent to the amount required under the Financial Conglomerates Directive (FCD).rThe table below summarises the levels of encumbered capital as a percentage of the relevant statutory requirement:!UK business (excluding annuities)100% of EU minimumUK annuity business 235% of CAL 100% of FCDc) Risk discount ratesGUnder the CFO Forum Principles, discount rates used to determine the present value of future cash flows are set equal to risk-free rates plus a risk margin. The risk margin should reflect any risk associated with the emergence of distributable earnings that is not allowed for elsewhere in the valuation. ԰Ƶ has selected a granular approach to better reflect changes in risk inherent in each product group. The risk discount rate so derived does not reflect a market beta but instead reflects the risk of volatility associated with the cash flows in the embedded value model.In most countries, the long-term expected rates of return on investments and risk discount rates are set by reference to period end rates of return on fixed interest securities. This  active basis of assumption setting has been applied in preparing the results of all the Group s UK and US long-term business operations. For the Group s Asian operations, the active basis is appropriate for business written in Japan, Korea and US dollar denominated business written in Hong Kong.The most significant equity holdings in the Asian operations are in Hong Kong, Singapore and Malaysia. The mean equity return assumptions for those territories at 30 June 2005 were 7.3 per cent (31 December 2005: 8.6 per cent, 2004: 7.3 per cent), 9.75 per cent (31 December 2005: 9.3 per cent, 2004: 9.75 per cent) and 12.25 per cent (31 December 2005: 12.8 per cent, 2004: 12.25 per cent) respectively. To obtain the mean, an average over all simulations of the accumulated return at the end of the projection period is calculated. The annual average return is then calculated by taking the root of the average accumulated return minus 1.LWith two exceptions, covered business comprises the Group s long-term business operations. The definition of long-term business operations is consistent with previous practice and comprises those contracts falling under the definition of long-term insurance business for regulatory purposes together with, for US operations, contracts that are in substance the same as guaranteed investment contracts (GICs) but do not fall within the technical definition. Under the EEV principles, the results for covered business incorporate the projected margins of attaching internal fund management.}Where the capital is held within a with-profits long-term fund, the value placed on surplus assets in the fund is already discounted to reflect its release over time and no further adjustment is necessary in respect of solvency capital. However, where business is funded directly by shareholders, the capital requires adjustment to reflect the cost of that capital to shareholders. Financial options and guaranteesCNature of options and guarantees in Prudential s long-term business2. Methodologya) Embedded valueOverviewThe profits (losses) on changes in economic assumptions and time value of cost of options and guarantees resulting from changes in economic factors for in-force business included within the profit on ordinary activities before tax arise as follows: Change in time value of cost ofeconomic options and assumptions guaranteesAsian operations (note i)%7. Investment return and other income IFRS basisgLess: projected fund management result in respect of covered business incorporated in opening EEV value EEV basis08. Short-term fluctuations in investment returnsLong-term business: UK insurance operations (note i)^Jackson National Life (including mark to market value of core structural borrowings) (note ii)_From operating profit, based on longer-term investment returns, after related tax and minority #IAS 39 and IFRS 4 at 1 January 2005 at 1 Jan 2004 Opening rate`Less: allocation of investment return on centrally held capital in respect of Asian business to The economic assumptions used for the stochastic calculations are consistent with those used for the deterministic calculations. Assumptions specific to the stochastic calculations such as equity volatility and credit losses reflect local market conditions and are based on a combination of actual market data, historic market data and an assessment of long-term economic conditions. Common principles have been adopted across the Group for the stochastic asset models, for example, separate modelling of individual asset classes but with allowance for correlation between the various asset classes. Details of the key characteristics of each model are given in note 3.b) Level of encumbered capitalFinance theory cannot be used to determine the appropriate component of beta for non-diversifiable non-market risks since there is no observable risk premium associated with it that is akin to the equity risk premium. Recognising this, a pragmatic approach has been used.A constant margin of 50 basis points has been added to the risk margin derived for market risk to cover the non-diversifiable non-market risks associated with the business.d) Management actionsThere are no inter-company arrangements such as reinsurance or loans associated with covered business for which adjustment has been required in preparing the EEV basis results.!f) Taxation and other legislationCurrent taxation and other legislation has been assumed to continue unaltered except< where changes have been announced and the relevant legislation passed.(g) Fund management and service companiesThe value of future profits or losses from fund management and service companies that support the Group s covered businesses are included in the profits for new business and the in-force value of the Group s long-term business.^Unrealised valuation movement on securities classified as available-for-sale at 1 January 2005Movement on cash flow hedgesExchange movements Related tax 19 June 2006?(i) Consistent with prior periods for the Taiwan operation, the projections include an assumption of phased progression of the bond yields of around 2 per cent towards 5.5 per cent at 31 December 2012 as described in note 3b(ii). This takes into account the effect on bond values of interest rate movements. The principal cause of the 207 million (full year 2005: 265 million) charge for the effect of changed economic assumptions is the reduction in short-term earned rates in Taiwan. This reduction has the effect of delaying the emergence of the expected long-term rate.Ol,(vii) With the exception of the share of pension scheme deficits attributable to the PAC with-profits fund, the amounts shown for the items in the table above that are referenced to this note have been determined on the statutory IFRS basis. The deficit for the defined benefit pension scheme reflects the statutory net of tax IFRS provision of 110m (full year 2005: 113 million, 2004: 105 million), augmented by 47m (2005: 29 million, 2004: 47 million) for the shareholders share of the net of tax deficit attributable to the PAC with-profits fund.The result for the period is impacted by the movement in this cost from period to period which comprises a charge against new business profit and a release in respect of the reduction in capital requirements for business in force as this runs off. HR The charge of 8 million (full year 2005: 47 million, 2004: 12 million) included in total profit reflects the shareholders share of actuarial and other gains and losses on the Group s defined benefit pension schemes. On the EEV basis, this includes a 10 per cent share of the actuarial gains and losses on the share of the deficit attributable to the PAC with-profits fund for the Prudential Staff and Scottish Amicable Pension Schemes. The 2005 full year charge of 47 million includes a charge of 43 million for altered renewal expense assumptions arising from the prospective increase in employer contributions for the Prudential Staff Pension Scheme for future service of active members (as distinct from deficit funding). )ZWhere appropriate, a full stochastic valuation has been undertaken to determine the value of the in-force business including the cost of capital. A deterministic valuation of the in-force business is also derived using consistent assumptions and the time value of the financial options and guarantees is derived as the difference between the two.*EEV basis operating profit from continuing operations based on longer-term investment returns excludes goodwill impairment charges, short-term fluctuations in investment returns, theshareholders share of actuarial and other gains and losses on defined benefit pension schemes, the effect of changes in economic assumptions and changes in the time value of cost ofoptions and guarantees caused by economic factors. The amounts for these items are included in total EEV profit. The directors believe that operating profit, as adjusted for these items,-Short-term fluctuations in investment returnsUThe total profit that emerges over the lifetime of an individual contract as calculated using the embedded value basis is the same as that calculated under the IFRS basis and, prior to IFRS adoption, the MSB under UK Generally Accepted Accounting Principles (GAAP). However, since the embedded value basis reflects discounted future cash flows under this methodology the profit emergence is advanced, thus more closely aligning the timing of the recognition of profits with the efforts and risks of current management actions, particularly with regard to business sold during the reporting period.CU(iii) The 47 million charge for full year 2005 primarily relates to the cost of capital attaching to liability strengthening on the regulatory basis for annuity business.Actual realised gains less default assumption and amortisation of interest-related realised gains and losses for fixed maturity securitiesHActual less long-term return on equity-based investments and other items2Mark to market value of core structural borrowingspIn adopting the EEV principles Prudential has decided to set encumbered capital at its internal targets for economic capital. In Asia, the economic capital target is substantially higher than the local statutory requirements in total. Accordingly, capital is held centrally for Asian operations. For the purposes of the presentation of the Group s operating results, it is assumed that the centrally held capital is lent interest free to the Asian operations. In turn the results of the Asian operations include the return on that capital and Group shareholders other income for EEV basis reporting is consequently reduced. g) TaxationThe mean stochastic returns are consistent with the mean deterministic returns for each country. The volatility of equity returns ranges from 18 per cent to 25 per cent, and the volatility of government bond returns ranges from 1.8 per cent to 6.4 per cent.CAPM does not include any allowance for non-market risks since these are assumed to be fully diversifiable. For EEV purposes, however, a risk margin is added for non-diversifiable non-market risks and to cover Group level risks.Diversifiable non-market risksNo allowance is required for non-marke<t risks where these are assumed to be fully diversifiable. The majority of non-market risks are considered to be diversifiable.#Non-diversifiable, non-market risks8Total assets less liabilities, excluding insurance fundsLess insurance funds:*aPolicyholder liabilities (net of reinsurers share) and unallocated surplus of with-profits funds=Less shareholders accrued interest in the long-term businessTotal net assets Share capital Share premiumCStatutory basis shareholders reserves (following adoption of IFRS)$Additional EEV basis retained profitAShareholders capital and reserves (excluding minority interests)h*Including liabilities in respect of insurance products classified as investment contracts under IFRS 4.ZEffect of changes in economic assumptions and time value of cost of options and guaranteesCSubject to local market circumstances and regulatory requirements, the guarantee features described above in respect of UK business broadly apply to similar types of participating contracts written in the PAC Hong Kong branch, Singapore and Malaysia. Participating products have both guaranteed and non-guaranteed elements.Since financial options and guarantees are explicitly valued under the EEV methodology, discount rates under EEV are set excluding the effect of these product features.gThe economic assumptions used for the stochastic calculations are consistent with those used for the deterministic calculations described above. Assumptions specific to the stochastic calculations such as the volatilities of asset returns reflect local market conditions and are based on a combination of actual market data, historic market data and an assessment of longer-term economic conditions. Common principles have been adopted across the Group for the stochastic asset models, for example, separate modelling of individual asset classes but with allowance for correlation between the various asset classes.RDetails are given below of the key characteristics and calibrations of each model.Y" Interest rates are projected using a two-factor model calibrated to actual market data;S" the risk premium on equity assets is assumed to follow a log-normal distribution;" the corporate bond return is calculated as the return on a zero-coupon bond plus a spread. The spread process is a mean reverting stochastic process; and" property returns are modelled in a similar fashion to corporate bonds, namely as the return on a riskless bond, plus a risk premium, plus a process representative of the change in residual values and the change in value of the call option on rents.CThe rates to which the model has been calibrated are set out below:pMean returns have been derived as the annualised arithmetic average return across all simulations and durations.MMovement in mark to market value of core structural borrowings held centrallyOther operations9Profit (loss) from changes to other operating assumptionsChange in operating assumptions$Experience variances and other itemsNotes`Actual investment return on investments less long-term returns included within operating profit:b3- 45g6@ :Y @HP@Q>W [<C`Va NcefLgiipY~my[@A h- Ŀ~0zGnP(rGmMs 3h.$JHJ8iG / o v"$_%p.+/m5~D9EF>HN[QcXlPprDz }O ^ـ (!{  dMbP?_*+%2f &C&8Page &P&i4F?'i4F?(i4F?)i4F?M\\pitstop\HP LaserJet 2300 SeriC odLetter DINU"4S&%IUPHdA4 [none] [none]Arial4P d?SARAH.FITZSIMMONS<Automatic>0    j i k k m m " [ `?x? ,  B Q I !,! , > = "%"&&&$"  & #(#)))*##]$ %"#n n $:$7778.$@+$ $$$#B$@@ % %    &, && z@ @ (@ '- '&&&'$@ x@ `@X@ (#( x@  %&'( <@ @ ))  4 . *%*&&&$*  &C +(+)))*#+@ %(*+@@ ,>-,@@@@@ -A. - .A/ . / / 0A 01ABBBBB 20 3/L4 4 4 45#### 5$ 5 5 5$ 61 77 b@ z@ `~@ 88 T@ `d@ a@ 9%9&&&$9 *@ F@N@ :#: n@> %79: ȃ@ X@ ;; z@ @ w@ << n@ @ }@ =%=&&&$= ] n n >1#> @C %:=i> @ @ ?? 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