Old Mutual Market Consistent Embedded Value basis supplementary information

For the six months ended 30 June 2009

* For long-term business and general insurance businesses, adjusted operating MCEV earnings is based on short-term and long-term investment returns respectively, includes investment returns on life funds' investments in Group equity and debt instruments, and is stated net of income tax attributable to policyholder returns. For the US Asset Management business it includes compensation costs in respect of certain long-term incentive schemes defined as non-controlling interests in accordance with IFRS. For all businesses, adjusted operating MCEV earnings excludes goodwill impairment, the impact of acquisition accounting, put revaluations related to long-term incentive schemes, the impact of closure of unclaimed shares trusts, profit/(loss) on disposal of subsidiaries, associated undertakings and strategic investments, dividends declared to holders of perpetual preferred callable securities, and fair value (profits)/losses on certain Group debt movements.

* Adjusted operating Group MCEV earnings per share is calculated on the same basis as adjusted operating Group MCEV earnings, but is stated after tax and non-controlling interests. It excludes income attributable to Black Economic Empowerment trusts of listed subsidiaries. The calculation of the adjusted weighted average number of shares includes own shares held in policyholders' funds and Black Economic Empowerment trusts.

The adjustments to include long-term business on a statutory solvency basis reflect the difference between the net worth of each business on the statutory basis (as required by the local regulator) and their portion of the Group's consolidated equity shareholders' funds. In South Africa, these values exclude items that are eliminated or shown separately on consolidation (such as Nedbank, Mutual & Federal and intercompany loans). For some European territories the value excludes the write-off of deferred acquisition costs which remain part of adjusted net worth for MCEV purposes.

The RoEV is calculated as the adjusted operating Group MCEV earnings after tax and non-controlling interests of £468 million (year ended 31 December 2008: £575 million; six months ended 30 June 2008: £533 million) divided by the opening Group MCEV. The operating assumption changes of £26 million (year ended 31 December 2008: £(430) million; six months ended 30 June 2008: £20 million) and other operating variances of £128 million (year ended 31 December 2008: £55 million; six months ended 30 June 2008: £(38) million) are not annualised.

* Includes adjustment for value of excess own shares in employee share scheme trusts. The movement in value between 31 December 2008 and 30 June 2009 is due to a reduction in excess own shares following employee share grants in March 2009.