EV analysis (Rm) R1 604m R75m 207 315 -575 -16 128 -362 -124 361 1 383 -1 471 40 330 40 176 Opening EV Expected Operating Operating Value of Investment Investment Economic Exchange EV profit Change in Closing EV return experience assumption new return on variances assumption rate from non- share capital variances changes business net worth changes movements covered & dividends business |................Operational impact................| |................Market impact.................| |.............Other...............|