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              [html]<thead><tr><td></td><td>As at 31 December 2003 $ million</td></tr></thead><tbody><tr><td>Net market value of assetsLess present value of employees ’ accrued benefits as determined</td><td>195.8</td></tr><tr><td>by actuarial assessment as at 1 January 2004</td><td>( 194.8 )</td></tr><tr><td>Excess</td><td>1.0</td></tr></tbody>
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  **2004**
  **$million** 2003 
  $million  **2004**
  **$million** **31. Contingent Liabilities**