HIGHLIGHTS OF THE YEAR WHO WE ARE WHERE WE ARE CHAIRMAN'S STATEMENT FINANCIAL HIGHLIGHTS BUILDING A PREMIER INTERNATIONAL SAVINGS AND WEALTH MANAGEMENT BUSINESS CHIEF EXECUTIVE'S REVIEW STRATEGY PRIORITIES STRONG BRANDS WORLDWIDE GROUP FINANCE DIRECTOR'S REPORT BOARD OF DIRECTORS CORPORATE RESPONSIBILITY FINANCIAL INFORMATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 Accounting policies 2 Foreign currencies 3 Segment information 4 Operating profit adjusting items 5 Income tax expense 6 Minority interests - Income statement 7 Earnings and earnings per share 8 Investment return (non-banking) 9 Banking interest and similar income 10 Banking trading, investment and similar income 11 Fee and commission income, and income from service activities 12 Finance costs 13 Banking interest payable and similar expense 14 Fee and commission expense, and other acquisition costs 15 Other operating and administrative expenses 16 Acquisition of subsidiaries 17 Goodwill and other intangible assets 18 Property, plant and equipment 19 Investment property 20 Operating lease arrangements 21 Deferred tax assets and liabilities 22 Investments in associated undertakings 23 Deferred acquisition costs 24 Long-term and general business policyholder liabilities 25 Loans and advances 26 Investments and securities 27 Other assets 28 Derivative financial instruments - assets and liabilities 29 Hedge accounting 30 Fair values of financial assets and liabilities 31 Analysis of movements in impairment account 32 Group balance sheet - categories of financial instruments 33 Discontinued operations, assets and liabilities held-for-sale 34 Borrowed funds 35 Provisions 36 Deferred revenue 37 Other liabilities 38 Amounts owed to bank depositors 39 Equity 40 Minority interests - balance sheet 41 Post employment benefits 42 Share-based payments 43 Dividends 44 Contingent liabilities 45 Commitments 46 Related parties 47 Principal subsidiaries and Group enterprises 48 Financial risk 49 Insurance risk 50 Reclassifications

FINANCIAL STATEMENTS OF THE COMPANY NOTES TO THE COMPANY FINANCIAL STATEMENTS EUROPEAN EMBEDDED VALUE BASIS SUPPLEMENTARY INFORMATION NOTES TO THE EUROPEAN EMBEDDED VALUE BASIS SHAREHOLDER INFORMATION

Notes to the consolidated financial statements

For the year ended 31 December 2007

47 Principal subsidiaries and Group enterprises

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
Old Mutual (South Africa) Ltd	Holding company	100	Republic of South Africa
Old Mutual Life Assurance Company (South Africa) Ltd	Life assurance	100	Republic of South Africa
Old Mutual Life Assurance Company (Namibia) Ltd	Life assurance	100	Namibia
Old Mutual Investment Group (South Africa) (Pty) Ltd	Asset management	100	Republic of South Africa
Nedbank Group Ltd	Banking	58	Republic of South Africa
Nedbank Ltd	Banking	58	Republic of South Africa
Mutual & Federal Insurance Company Ltd	General insurance	85	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 Financial Life Insurance Company	Life assurance	100	Maryland, United States of America
Old Mutual (Bermuda) Ltd	Life assurance	100	Bermuda
Dwight Asset Management Company	Asset management	100	Delaware, United States of America
Acadian Asset Management1	Asset management	100	Massachusetts, United States of America
Barrow, Hanley, Mewhinney & Strauss, Inc	Asset management	100	Nevada, United States of America
OM Group (UK) Ltd	Holding company	100	England and Wales
Skandia Europe and Latin America (Holdings) Ltd	Holding company	100	England and Wales
Skandia Life Assurance Company Ltd	Life assurance	100	England and Wales
Försäkringsaktiebolaget Skandia	Life assurance	100	Sweden
SkandiaBanken AB	Banking	100	Sweden

1 The Group holds 100 per cent Class A shares and 71.43 per cent Class B shares in Acadian Asset Management. The remaining 28.57 per cent Class B shares are held by the employees as described in note 42(vi).

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.