34 Net asset value per share

Deferred Fair value Fair value
tax on of derivative adjustment
revaluation financial to secured
Net assets surplus instruments bonds Adjusted
£m £m £m £m £m
At 31st December 2009
Net assets 1,163.9 8.1 23.0 20.2 1,215.2
Minority interest (36.7) (0.3) 0.4 – (36.6)
Net assets attributable to equity shareholders 1,127.2 7.8 23.4 20.2 1,178.6

Net asset value per share attributable
to equity shareholders (p) 1,117 8 23 20 1,168

At 31st December 2008
Net assets 1,215.0 8.9 26.9 20.9 1,271.7
Minority interest (35.4) (0.5) – – (35.9)
Net assets attributable to equity shareholders 1,179.6 8.4 26.9 20.9 1,235.8

Net asset value per share attributable
to equity shareholders (p) 1,170 8 27 21 1,226

The number of issued and fully paid up ordinary shares in issue at 31st December 2009 was 100,950,263 (2008: 100,807,146).

The total net assets of the group and those attributable to equity shareholders are shown in the table above. An adjustment is made for the deferred tax on the revaluation surplus and the post tax fair value of derivative financial instruments and the fair value adjustment to the secured bond are excluded, on the basis that these amounts are not relevant when considering the group as an ongoing business.

Reconciliation to EPRA figures:

2009 2008
p p
Net asset value per share attributable to equity shareholders 1,168 1,226
Deduct: fair value adjustment to secured bonds (20) (21)
1,148 1,205
Adjustment for dilutive share-based payments (7) (5)
Diluted EPRA net asset value per share 1,141 1,200
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