Analysis of return on embedded value (ROEV) Dec ROEV Dec ROEV 2014 2014 2015 2015 Rm Rm Expected return – unwind of RDR 1 331 6.9% 1 383 7.0% Operating experience variances 215 1.1% (16) (0.1)% Embedded value from new business 421 2.2% 361 1.8% Investment return on adjusted net worth 431 2.2% 315 1.6% Investment variances (495) (2.5)% 207 1.0% Non-covered (excl basis changes) 261 1.3% (332) (1.7)% Total (excl assumption changes) 2 164 11.2% 1 918 9.6% Operating assumption changes (57) (0.3)% (154) (0.8)% Economic assumption changes 115 0.6% (575) (2.9)% Exchange rate movements 4 - 128 0.7% Total return on embedded value 2 226 11.5% 1 317 6.6%