CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 31 December 2004 Non-Technical Account 2004 2003 Notes £m £m Profit from general business Balance on the technical account – general business 32 34 Profit from long term business Balance on the technical account – long term business 389 99 134 14 Tax credit attributable to balance on the technical account – long term business 2(v) 488 148 Other operations Investment income and realised gains 3(i) 116 59 42 (65) 96 100 198 (71) Unrealised gains on investments Allocated investment return on SRC transferred from the technical account – long term business 3 Investment expenses and charges 3(iii) 152 323 Allocated investment return transferred to the technical account – general business 3 (22) (18) 650 487 Other income 170 128 Other charges (174) (146) Profit on ordinary activities before tax 646 469 Tax on profit on ordinary activities 6 (182) (65) Profit for the financial year 464 404 Dividends 7 (329) (318) Retained profit 135 86 p p Earnings per share 8 7.15 6.22 Diluted earnings per share 8 7.00 6.12 Dividend per share 5.06 4.90 All income and expenditure for 2003 and 2004 relates to continuing operations. Disclosure of Gresham business included above is shown in Note 5. Legal & General Annual Report 2004 51

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