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FINANCIAL HIGHLIGHTS CHAIRMAN'S STATEMENT CHIEF EXECUTIVE'S STATEMENT GROUP AT A GLANCE MANAGING OUR BUSINESS ALIGNING OUR STRATEGY FOR FUTURE GROWTH GROUP BUSINESS REVIEW CORPORATE CITIZENSHIP BOARD OF DIRECTORS CORPORATE GOVERNANCE AND DIRECTORS' REPORT REMUNERATION REPORT FINANCIAL STATEMENTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 Accounting Policies 2 Foreign Currencies 3 Segment Information 4 Items Included in Profit before Tax but Excluded from Adjusted Operating Profit 5 Investment Return (Net of Investment Losses) 6 Banking Interest and Similar Income 7 Fee and Commission Income 8 Finance Costs (Including Interest and Similar Expenses) 9 Banking Interest Expense 10 Fees, Commissions and Other Acquisition Cost 11 Other Operating and Administrative Expenses 12 Income Tax Expense 13 Minority Interests - Income Statement 14 Earnings and Earnings per Share 15 Goodwill and Other Intangible Assets 16 Investments in Associated Undertakings 17 Investment Property 18 Property, Plant and Equipment 19 Operating Lease Arrangements 20 Finance Lease Arrangements 21 Deferred Tax Assets and Liabilities 22 Insurance Contract Provisions and Related Reinsurance 23 Other Assets 24 Deferred Acquisition Costs 25 Loans, Receivables and Advances 26 Derivative Financial Instruments - Assets and Liabilities 27 Other Financial Assets 28 Financial Assets Fair Valued Through Income Statement 29 Other Short Term Securities 30 Cash and Balances with Central Banks 31 Liabilities Fair Valued Through Income Statement and Investment Contract Liabilities 32 Borrowed Funds 33 Provisions 34 Post Employment Benefits 35 Deferred Revenue 36 Deposits from Other Banks 37 Amounts Owed To Other Depositors 38 Other Money Market Deposits 39 Other Liabilities 40 Shareholders' Equity 41 Minority Interests - Balance Sheet 42 Post Balance Sheet Events 43 Share-Based Payments 44 Dividends 45 Contingent Liabilities 46 Commitments 47 Related Parties 48 Principal Subsidiaries and Group Enterprises 49 Financial Risk 50 Insurance Risk 51 Transition to IFRS - Group
EUROPEAN EMBEDDED VALUE BASIS SUPPLEMENTARY INFORMATION NOTICE OF ANNUAL GENERAL MEETING SHAREHOLDER INFORMATION

Notes to the consolidated financial statements

For the year ended 31 December 2005

48 Principal Subsidiaries and Group Enterprises

Group
At 31 December 2005 the Group had the following investment holdings of greater than 50% in companies which are not consolidated as subsidiaries:

The African banking business holds an effective 46.96% of MBCA Bank Limited's shares through subsidiaries. It has been determined that the Group has effective control and therefore the bank's results are consolidated into the Group's results.

The following table lists the principal Group undertakings whose results are included in the consolidated financial statements. All shares held are ordinary shares and, except for OM Group (UK) Ltd, are held indirectly by the Company.

Name Nature of business Percentage
holding 		Country of
incorporation
Acadian Asset Management Asset management 100 Massachusetts, United States of America
Barrow, Hanley, Mewhinney & Strauss, Inc. Asset management 100 Nevada, United States of America
Clay Finlay, Inc. Asset management 100 New York, United States of America
Dwight Asset Management Company Asset management 100 Delaware, United States of America
First Pacific Advisors, Inc. Asset management 100 Massachusetts, United States of America
Heitman LLC Asset management 50 Delaware, United States of America
Liberty Ridge Capital Inc. Asset management 100 Delaware, United States of America
Old Mutual Asset Managers (Bermuda) Ltd Asset management 100 Bermuda
Old Mutual Asset Managers (Kenya) Ltd Asset management 100 Kenya
Old Mutual Asset Managers (South Africa) (Pty) Ltd Asset management 100 Republic of South Africa
Old Mutual Asset Managers (UK) Ltd Asset management 100 England and Wales
Old Mutual Capital Inc. Asset management 100 Delaware, United States of America
Old Mutual Fund Managers (Guernsey) Ltd Asset management 100 Guernsey
Old Mutual Group Ltd Asset management 100 Bermuda
Old Mutual Investment Administrators (Pty) Ltd Asset management 100 Republic of South Africa
Old Mutual Investment Services (Pty) Ltd Asset management 100 Republic of South Africa
Old Mutual Specialised Finance (Pty) Ltd Asset management 100 Republic of South Africa
Old Mutual Unit Trust Management Company Namibia Ltd Asset management 100 Namibia
Old Mutual Unit Trust Managers Ltd Asset management 100 Republic of South Africa
Pacific Financial Research Inc. Asset management 100 Massachusetts, United States of America
Palladyne Asset Management B.V. Asset management 100 Netherlands
Provident Investment Counsel, Inc. Asset management 100 Massachusetts, United States of America
Thompson, Siegel & Walmsley, Inc Asset management 100 Virginia, United States of America
Thomson, Horstmann & Bryant, Inc Asset management 100 New Jersey, United States of America
Fairbairn Private Bank Ltd Banking 69 Jersey
Nedbank Group Ltd Banking 55 Republic of South Africa
Nedbank Ltd Banking 55 Republic of South Africa
Nedcor Investment Holdings 101 Ltd Banking 55 Republic of South Africa
People's Mortgage Ltd Banking 55 Republic of South Africa
Mutual & Federal Insurance Company Ltd General insurance 88 Republic of South Africa
Nedinsurance Company Ltd General insurance 55 Republic of South Africa
Old Mutual Health Insurance Ltd Health insurance 100 Republic of South Africa
Old Mutual Healthcare (Pty) Ltd Health insurance 100 Republic of South Africa
Old Mutual (Netherlands) B.V. Holding company 100 Netherlands
Old Mutual (South Africa) Ltd Holding company 100 Republic of South Africa
Old Mutual (US) Holdings, Inc. Holding company 100 Delaware, United States of America
Old Mutual U.S. Life Holdings, Inc. Holding company 100 Delaware, United States of America
OM Group (UK) Ltd Holding company 100 England and Wales
OM Portfolio Holdings (South Africa) (Pty) Ltd Holding company 100 Republic of South Africa
Rodina Investments Ltd Holding company 100 Republic of South Africa
BoE Life Ltd Life assurance 55 Republic of South Africa
Fidelity & Guaranty Life Insurance Company Life assurance 100 Maryland, United States of America
Fidelity & Guaranty Life Insurance Company of New York Life assurance 100 New York, United States of America
Nedgroup Life Assurance Company Ltd Life assurance 78 Republic of South Africa
Old Mutual (Bermuda) Ltd Life assurance 100 Bermuda
Old Mutual International (Guernsey) Ltd Life assurance 100 Guernsey
Old Mutual Life Assurance Company (Bermuda) Ltd Life assurance 100 Bermuda
Old Mutual Life Assurance Company (Malawi) Ltd Life assurance 100 Malawi
Old Mutual Lif Assurance Company (Namibia) Ltd Life assurance 100 Namibia
Old Mutual Life Assurance Company (South Africa) Ltd Life assurance 100 Republic of South Africa
Old Mutual Life Assurance Company Ltd Life assurance 62 Kenya
Old Mutual Life Assurance Company Zimbabwe Ltd Life assurance 100 Zimbabwe
Selestia Life & Pensions Ltd Life assurance 100 England and Wales
Old Mutual Property Investment Corporation (Pvt) Ltd Property holding 100 Zimbabwe
Old Mutual Properties (Pty) Ltd Property management 100 Republic of South Africa
Old Mutual Reassurance (Ireland) Ltd Reassurance 100 Ireland

A complete list of subsidiaries is filed with the UK Registrar of Companies with the annual return. All the above companies have a year-end of 31 December.

  £m
Company Year to 31 December 2005 Year to 31 December 2004
Balance at 1 January 731 722
Acquisitions - 9
Disposals (1) -
Balance at 31 December 730 731

On 1 January 2005, the Company sold Old Mutual Business Services Limited to a fellow Group company OMFS (GGP) Limited for an amount of £1 million.

In addition, the Company's investment in Old Mutual International Finance Limited was fully written down following the dissolution of the entity, on 20 July 2005.

During the prior year, the Company increased its investment in Selestia Holdings Limited by £9 million.

The Company holds the following interests in Group companies:

    £m
    At 31 December 2005
Company Country of incorporation Class of shares % interest held
Commsale 2000 Ltd England & Wales Ordinary 100%
Old Mutual Properties Limited England & Wales Ordinary 100%
OM Group (UK) Ltd England & Wales Ordinary 100%
Constantia Insurance Company (Guernsey) Limited Guernsey Ordinary 100%
Old Mutual (UK) Nominees Ltd England & Wales Ordinary 100%
Old Mutual Asset Solutions Ltd England & Wales Ordinary 100%
Old Mutual (KSH) Ltd England & Wales Ordinary 90%
Old Mutual Finance (Cayman Islands) Limited Cayman Islands Founders 100%
Old Mutual Capital Funding (Jersey) Limited Jersey Ordinary 100%
Old Mutual Finance (No. 2) Limited England & Wales Ordinary 50%
Old Mutual Finance (No. 4) Limited England & Wales Ordinary 100%
Selestia Holdings Limited England & Wales Ordinary 100%
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