EV analysis (Rm) -213 -36 1 178 -1 178 583 378 378 12 1 138 37 388 35 148 Opening EV Expected Operating Operating Value of new Investment Investment Economic EV profit Change in Closing EV return experience assumption business return on net variances assumption from non- share capital variances changes worth changes covered & dividends business |.................Operational impact…................| |............Market impact............| |.............Other..............|