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		Non-equity Equity
		Special Share of £1	Preference shares of £1 each	Nominal value £m	Ordinary shares of 20p each Millions	Nominal value £m
Authorised
At January 1, 2007 and December 31, 2008		1	50,000	—	2,500	500
Issued and fully paid
At January 1, 2007		1	—	—	1,781	356
Exercise of share options		—	—	—	24	5
B Share conversion into ordinary shares		—	—	—	15	3
At January 1, 2008		1	—	—	1,820	364
Exercise of share options		—	—	—	12	2
B Share conversion into ordinary shares		—	—	—	12	3
At December 31, 2008		1	—	—	1,844	369

The rights attaching to each class of share are set out in the Directors' report.

In accordance with FRS 25 Financial instruments: Presentation, the Company’s non-cumulative redeemable convertible preference shares (B Shares) are classified as financial liabilities. Accordingly, movements in B Shares are included in note 3.