OLD MUTUALAT A GLANCE

21 November 2011

WinnerBest UK Platform – Professional Adviser Awards

Best Customer ServiceOld Mutual (SA), 4th year in a row

WHO WE ARE

An international long-termsavings, protect and investment group

Established in South Africa in 1845 Based in London and operating in 33 countries Serving over 15 million customers Employing over 54,000 people

Most Prominent Brand & Best Reputation: Skandiabanken Norway

+7.4%Growth Of Primary Account Holders with Nedbank

Top 10%Ranking of UK & SA companies reporting to the Carbon Disclosure Project

£5.7bnWealth Management Single premiums up 34% to £5.7bn

Figures as at Dec 2010

WHAT WE DO

Investment management and innovative life assurance based solutions, addressing both protection and retirement savings needs

Growing our customers’ savings and wealth, whether through active and direct asset management or the selection of funds and managers for customers to invest in

We have a majority shareholding in Nedbank, as well as banking interests in Sweden and Norway through Skandiabanken

Short-term insurance products in southern Africa through Mutual & Federal and iWYZE, our direct offering.

LONG-TERM SAVINGS

US ASSET MANAGEMENT

BANKING

SHORT-TERM INSURANCE

WHERE WE DO IT

This is not a complete list of our brands. Our US and South Africa Asset Management businesses have a number of separately branded boutiques.

*

OUR HISTORY

1845Scotsman John Fairbairn founds The Mutual Life Assurance Society

1870

Our logo is designed by board chairman Charles Bell

1970

Old Mutual acquires a majority shareholding in the newly-formed Mutual & Federal

1973Old Mutual acquires a shareholding in Nedbank

1999Old Mutual demutualises and lists 2000

Old Mutual acquires United Asset Management in the US

2005

Black Economic Empowerment deal introduced in South Africa

2006

Old Mutual completes the acquisition of Skandia

2010

Julian Roberts becomes Group Chief Executive in 2008 Adoption of a new strategy and operating model in 2010

Skandia founded in Stockholm Skandia launches

in Colombia

18551953

1979

1990

Skandia launches in the UK

Skandiabanken founded

OUR VISION

To become our customers’ most trusted partner - passionate about helping them achieve their lifetime financial goals.

OUR STRATEGY

Build a cohesive long-term savings, protection and investment group by leveraging the strength of our people and capabilities in South Africa and around the world.

We will focus, drive and optimise our businesses to enhance value for customers and shareholders.

1 Develop the customer proposition and experience

2 Deliver high performance in all business units

3 Share skills and experience across the group

4 Build a culture of excellence

5 Simplify our structure to unlock value

Our strategic priorities

5

GROUP EXECUTIVE COMMITTEE

From the left:Peter Bain, Don Hope, Mike Brown, Julian Roberts, Andrew Birrell, Don Schneider, Philip Broadley, Paul Hanratty

Peter Todd*MUTUAL & FEDERAL

OUR STRUCTURE

Julian RobertsOLD MUTUAL GROUP

EMERGING MARKETS

NORDIC RETAIL EUROPE

WEALTH MANAGEMENT

The above is how the Business is structured and does not include the parts of the Group Executive who do not have direct Business Unit responsibility.

* Not on the Group ExCo

Peter BainUS ASSET MANAGEMENT

Mike BrownNEDBANK

Paul HanrattyLONG-TERM SAVINGS

OUR STRUCTURE – LTS: EMERGING MARKETS

LATIN AMERICAColombia, Mexico

OLD MUTUAL INVESTMENT GROUP (OMIGSA)

JOINT VENTURES IN CHINA & INDIA

CORPORATE

RETAIL MASS

RETAIL AFFLUENT

REST OF AFRICA

OLD MUTUAL SOUTH AFRICA

NEW MARKETS

LIFE AND SAVINGS

Kuseni DlaminiEMERGING MARKETS

SKANDIA UK

OUR STRUCTURE – LTS: WEALTH MANAGEMENT

SKANDIA INTERNATIONAL

CONTINENTAL EUROPE(France, Italy)

SKANDIA INVESTMENT GROUP (SIG)

Paul HanrattyWEALTH MANAGEMENT

SWEDEN

OUR STRUCTURE – LTS: NORDIC

NORWAY DENMARK

Mårten AnderssonNORDIC

AUSTRIA

OUR STRUCTURE – LTS: RETAIL EUROPE

Jonas JonssonRETAIL EUROPE

GERMANY POLAND SWITZERLAND

FINANCIAL HIGHLIGHTS

Year to 31 December 2010 2009*

Net client cash flow (£bn) (5.7) (1.8)

Funds under management (£bn) 309.3 275.4

Operating profit (IFRS) (£m) 1,481 1,133

Embedded value per share (p) 202.2 171.0

Earnings per share (p) 16.0 11.6

Return on Equity (%) 12.2 9.1

Dividend per share (p) 4.0 1.5* 2009 restated to treat US Life and Bermuda as non-core

BUSINESSES CONTRIBUTION TO THE GROUP

Funds Under Management (FUM) Adjusted Operating Profit (AOP)

42.61%

3.46%

53.86%

0.07%

Long-Term Savings Banking

Short-Term Insurance US Asset Management

53.14%35.60%

6.10%5.15%

Long-Term Savings Banking

Short-Term Insurance US Asset Management

HOW WE DO BUSINESS

We are committed to being a responsible corporate citizen in the many communities in which we operate.

We express this through our:Corporate valuesResponsible BusinessPolicy Commitment to andinteraction with ourstakeholders (see diagram)