Dividend Dividend policy • Stable dividend growth • Long-term view • Growth in core headline earnings • Allowance for volatile investment markets, capital requirements and changes in legislation • Separate dividend policy from capital management 170 160 150 140 130 120 110 Total ordinary dividend 100 90 Final ordinary dividend 80 Interim ordinary dividend 70 60 50 40 30 20 2011 2012 2013 2014 2015 2016