Appendix 1 Group Performance Slides A3-A12. Appendix 2 Capital Slides A13-A18. Appendix 3 MCEV Slides A19-A34

Index to appendices

Appendix 1

Group Performance

Slides A3-A12

Appendix 2

Capital

Slides A13-A18

Appendix 3

MCEV

Slides A19-A34

Appendix 4

Long-Term Savings, Nedbank

and M&F

Slides A35-A46

Appendix 5

US Asset Management

Slides A47-A51

Appendix 6

Bermuda

Slides A52-A54

Appendix 1

2,765 3,668 393 581 3,210 4,507 1,175 1,526 2009 2010 USAM Wealth Management Nordic Emerging Markets 393 487 235 201 67 69 617 734 2009 2010 Wealth Management Retail Europe Nordic Emerging Markets

Life new business &

unit trust sales

1

Life new business APE sales (£m)

Unit trust sales (£m)

2

1. Core operations

2. Retail Europe unit trust sales in 2010 were £23m (2009: £24m)

£1,312m

£1,491m

£7,567m

Net client cash flows

1

(£bn) 2010 H2 2010 H1 2009 H2 2009 H1 Emerging Markets 0.2 (0.2) (0.3) (1.3) Nordic 0.3 0.4 0.5 0.5 Retail Europe 0.2 0.2 0.3 0.2 Wealth Management 1.6 2.3 1.8 0.7

Total Long Term Savings 2.3 2.7 2.3 0.1

Nedbank 0.5 0.5 0.2 0.1 M&F - - - -USAM (6.5) (5.2) (4.9) 0.4 Total (3.7) (2.0) (2.4) 0.6 1. Core operations 5 A

Operating profit analysis:

IFRS AOP

1

£m

2010

2009

Long-Term Savings

897

636

Nedbank

601

470

Mutual & Federal

103

70

US Asset Management

87

83

Finance costs

(128)

(104)

LTIR on excess assets

31

91

Interest payable to non-core operations

(55)

(40)

Interest receivable from non-core operations

16

12

Other expenses

(71)

(85)

AOP

1,481

1,133

Long-Term Savings AOP

£m

2010

2009

% growth

Constant

currency

Emerging Markets

539

446

21%

4%

Nordic

110

62

77%

66%

Retail Europe

51

22

132%

140%

Wealth Management

197

106

86%

86%

Total LTS

897

636

41%

26%

7 A

(Assets x Margins) – Expenses = Profit

1

2010

Net Margin bps

2009

Net Margin bps

LTS

72.2

64.8

Nedbank

98.8

95.4

M&F

1,584.6

1,396.0

USAM

5.5

5.8

Overall BU net margin

49.0

43.2

OM plc expenses/debt

(6.0)

(4.5)

Old Mutual plc net margin

43.0

38.7

1. Profit is AOP pre-tax, profit excludes non-core businesses and margins reflect average rates for the relevant periods. Bps are calculated on average assets over the period.

Earnings split by half year and

key statistics per share

1

pence/share 2010 2009 2008 2007 2006 H1 8.1 4.6 8.7 8.2 8.5 H2 7.9 6.9 6.2 8.7 6.6 H1:H2 51%:49% 40%:60% 58%:42% 49%:51% 56%:44% £bn 2010 2009 2008 2007 2006 Funds under Management 309.3 275.4 264.8 278.9 239.4 pence/share 2010 2009 2008 2007 2006

IFRS book value

per share 151 147 134 135 119

1. 2009 and 2010 H1 and FY restated to exclude Bermuda (treated as non-core) and US Life (treated as non-core, discontinued)

9 A

LTIR (£m)

1

Old Mutual Group LTS M&F Total

2010 Long term average assets 2,317 596 2,913

LTIR credited to AOP (IFRS basis)2 _{274 56 330}

Less: Actual investment returns incl. in IFRS profit (198) (49) (247)

Short-term fluctuations (STF) in investment return 76 7 83

2009 Long term average assets 2,405 451 2,856

LTIR credited to AOP (IFRS basis)2 _{328 60 388}

Less: Actual investment returns incl. in IFRS profit (172) (50) (222)

Short-term fluctuations (STF) in investment return 156 10 166

1. LTIR and average assets for Bermuda & US Life (non-core) have been removed from 2010 and 2009 comparatives

LTIR calculation: Methodology

(cont)



LTIR rates for 2010 & 2009 are as shown:

Long-term investment rates

2010

2009

Emerging Markets long-term business

9.4%

13.3%

Nordic

1.8%

1.8%

Retail Europe

2.5%

2.8%

Wealth Management

2.0%

5.0%

M&F

9.4%

13.3%

11 A

60 80 100 120 140 160

FTSE 100 Dow Jones JSE All Share

Equity market movements

1

H1 2009 H2 2009 H1 2010

1. Rebased to 1 Jan 09=100

Appendix 2

FGD

Group FGD 31 Dec 2010 31 Dec 2009

Capital resources £6.7bn £5.8bn

Capital requirement £4.6bn £4.3bn

Surplus / (Deficit) £2.1bn £1.5bn

Coverage ratio % 146% 135%

 The FGD surplus is after allowing for the call of the £300m LT2 bond in January 2011

 Capital resources have increased due to statutory profits in LTS and Nedbank and were offset by the deduction of intangible assets in Nedbank and the payment of the ordinary and preferred dividends

Analysis of regulatory capital

surplus at 31 Dec 2010

Total Capital Intangible/ inadmissible assets & other items

Regulatory Capital Resources

Regulatory Capital Requirement & Surplus

Tier 2 Capital £2.4bn Equity attributable to equity holders of the parent £9.0bn £4.7bn £11.4bn £6.7bn FGD surplus £2.1bn Capital Resource Requirement £4.6bn 15 A

1,481 (24) 763 167 1,151 (713) (3) (203) (214) (83) (456) (364) Adjusted operating profit

US Life Non core operations MTM of own debt Acquisition accounting Short term fluctuations Other adjusting items

Income tax Profit after tax Other comprehensive income Transactions with shareholders Change in shareholders equity

Reconciliation of AOP to change

in equity holders’ funds

Old Mutual Group company

ratings (2010)

Moody’s Fitch Ratings AM Best

Old Mutual plc

 Senior debt rating Baa1 BBB (RWP) bbb+

 LT2 debt rating Baa3 BBB- (RWP) bbb

 UT2 debt rating Baa3 BB+ (RWP) bbb

 T1 debt rating Baa3 BB+ (RWP) bbb

 Short-term debt rating P2 F2 (RWP)

OMFLIC: Insurance financial strength Ba1 BB (RWP) B++

OMLACSA

 National insurance financial strength AAA (RWP)  National long-term senior debt rating AA+ (RWP)  National long-term subordinated debt rating AA- (RWP)

 Global insurance financial strength A1 A

Old Mutual Capital Funding L.P. ($750m prefs)

 Subordinated debt rating Baa3 BB+ (RWP) bbb

Skandia Insurance / Skandia Life

 Insurance financial strength A2 A (RWP) A

Nedbank: Foreign long term rating A3 BBB

Ratings outlook stable unless modified ("Neg" = Negative, "Pos" = Positive, "RWP" = Ratings Watch Positive)

17 A

Solvency II: regulatory timelines

and interdependencies

2010 2011 2012 2013 2014 2015

FCD/FGD

Solvency II Application and Implementation

Regulatory

L3 Standards & Guidance L2 Implementing Measures L1 Directive

Consulted Finalise National

Law In Force Omnibus II drafted L1 Directive Amended Informal Consult’ Formal Consult’ Finalised Informal Consultation Formal Consult’ Drafting Regulatory Reporting

Dry Run (2013) and mandatory (2014 onwards) • QRT’s, RTS’s, SFCR’s

SAM Implementation

SAM ‘Go Live’

Use Test IMAP Application Pre

Application

IFRS 4 Phase 2 Implementation

Appendix 3

Operating MCEV earnings

1

£m

2010

2009

VNB

200

153

Expected existing business contribution

316

351

Experience variances

55

(83)

Assumption changes

-

(231)

Other operating variances

(4)

55

Operating MCEV earnings

567

245

Reconciliation IFRS Equity to

Group MCEV

IFRS equity* Adjustments MCEV (1) (2) (3) (4) (5) (6) LTS 5,088 (2,053) 389 (1,010) 5,003 7,417 Emerging Markets 1,216 207 389 (8) 1,509 3,313 Nordic 1,243 (851) (206) 1,318 1,504 Retail Europe 632 (331) (198) 520 623 Wealth Management 1,997 (1,078) (598) 1,656 1,977 US Life 274 260 (723) (189) Bermuda 432 (29) (116) 287 Non-covered business 6,049 (83) (688) 1,066 6,344

Other (incl. debt) (2,892) 63 (2,829)

Total 8,951 (1,822) 306 (1,010) (688) 4,164 1,129 11,030

Per share 164.1 (33.4) 5.6 (18.5) (12.6) 76.3 20.7 202.2

* Net of intercompany loans

1. Statutory solvency basis adjustment

2. Market value of life funds’ investments in Group equity and debt

3. Acquisition goodwill

4. Adjustment to remove perpetual callable securities 5. VIF

6. Other adjustments (including MV uplift of Nedbank of £715m)

21 A

Balance sheet profile

Asset basis (£m)

31 December 2010 Adjusted Group

MCEV Excl. Goodwill and MTM adjustments LTS 8,574 8,395 Bermuda 287 287 US Life (189) (189) Nedbank 3,275 2,107 USAM 1,472 317 Others 440 414 13,859 11,331 Net Debt (2,829) (2,892) Per share (p) 202.2 154.7

IFRS book value

FY 2010: 151p / share FY 2009: 147p / share

VNB & Margins

New business profits

VNB (£m)

APE Margin

2010 2009 2010 2009 Emerging Markets 86 65 18% 16% Nordic 41 44 21% 19% Retail Europe 7 (5) 11% (8)% Wealth Management 66 49 9% 8% Total LTS 200 153 13% 12% 23 A

171.0 202.2 15.5 11.2 17.0 1.7 (2.7) (7.1) (4.4) 31-Dec-09 Adj op Gp MCEV earnings per share1 Economic variances & other earnings FX & other movements Dividends to shareholders Nedbank mkt value adj.

M&F dilution Increase in valuation of

own debt

31-Dec-10

Adjusted Group MCEV per share

1. Adjusted operating Group MCEV earnings per share is made up of 15.0p of core continuing operations and (0.4p ) from Bermuda (non core operations) and 0.9p from US Life (non-core, discontinuing operations)

Net asset reconciliation IFRS to

MCEV (covered business) (£m)

5,794 3,351 7,515 389 4,164 (1,822) (1,010)

IFRS equity Statutory solvency basis adjustment

MV adjustment of life funds investments in Group equity and

debt

Acquisition goodwill ANW VIF MCEV

25 A

Net asset reconciliation IFRS to

MCEV (covered business: LTS) (£m)

5,088 2,414 7,417 389 5,003 (2,053) (1,010)

IFRS equity Statutory solvency basis adjustment

MV adjustment of life funds investments in Group equity and

debt

Operating variances and assumption

changes £m

Total

LTS

2007

(139)

(83)

2008

(540)

41

2009

(331)

(259)

2010

(80)

51

Track record of variances and

assumptions

27 A

LTS (VNB + Exp. Var)/MCEV and

NCCF/FUM

1

1. LTS covered business only

0.0% 2.0% 4.0% 6.0%

2007 2008 2009 2010

MCEV: Emerging Markets

(covered business) (£m)

2,463 2,881 3,313 86 216 35 37 162 5 432 (30) (93)

31-Dec-09 New business Expected return Experience variances Assumption charges Other operating variances Economic variances Other non-operating Transfers FX 31-Dec-10 29 A

MCEV: Nordic

(covered business) (£m)

1,309 1,365 1,504 41 41 24 94 17 139 (55) (6) (100)

31-Dec-09 New business Expected return Experience variances Assumption charges Other operating variances Economic variances Other non-operating Transfers FX 31-Dec-10

MCEV: Retail Europe

(covered business) (£m)

531 607 623 7 ₁₂ 5 ₁₁ 31 22 16 (6) (6)

31-Dec-09 New business Expected return Experience variances Assumption charges Other operating variances Economic variances Other non-operating Transfers FX 31-Dec-10 31 A

MCEV: Wealth Management

(covered business) (£m)

1,844 1,979 1,977 66 47 7 1 205 2 (9) (184) (2)

31-Dec-09 New business Expected return Experience variances Assumption charges Other operating variances Economic variances Other non-operating Transfers FX 31-Dec-10

MCEV: US Life

(covered business) (£m)

(318) (176) ₍₁₈₉₎ 105 40 180 (28) (63) (7) (85) (13)

31-Dec-09 New business Expected return Experience variances Assumption charges Other operating variances Economic variances Transfers FX 31-Dec-10 33 A

MCEV: Bermuda

(covered business) (£m)

198 279 287 77 105 8 (19) (35) (47)

31-Dec-09 Expected return Experience variances Assumption charges Other operating variances Economic variances FX 31-Dec-10

Appendix 4

Long-Term Savings,

Nedbank and M&F

Long-Term Savings

1

 LTS AOP up 41%, improvement in all Business Units

 Sales momentum driven by Emerging Markets and Wealth Management

 Improvements in persistency

 Excellent NCCF, particularly in Retail businesses  ROE performance strong driven mainly by FUM

1. LTS includes Emerging Markets, Nordic, Retail Europe and Wealth Management

£m 2010 2009

IFRS adjusted operating profit 897 636

Life new business APE 1,491 1,312

Life VNB 200 153

New business APE margin 13% 12%

Unit trust/mutual fund sales 8,779 6,392

Net client cash flow (£bn) 5.0 2.4

Emerging Markets

1

Rm 2010 2009

IFRS adjusted operating profit 6,099 5,879

Life new business APE 5,505 5,178

Life VNB 972 853

New business APE margin 18% 16%

Unit trust/mutual fund sales 41,488 36,421

Net client cash flow (Rbn) 0.2 (20.5)

Funds under management (Rbn) 585.7 518.4

Return on equity 25% 25%

Return on allocated capital2 _{25% 26%}

1. Emerging Markets business unit includes South Africa, Namibia, India, China, Colombia and Mexico 2. OMSA only

 Life AOP grew 2%, LTIR rate reduction (2010: 9.4%; 2009: 13.3%)

 Asset Management contribution to AOP remained strong at 25%, benefiting from performance and FUM based fees

 Strong regular premium sales, double-digit APE sales growth in Mexico and China

 Positive NCCF

37 A

Emerging Markets

Adjusted operating profit 2010 2009

Life 3,131 3,114

LTIR * 1,128 1,522

Long term business 4,259 4,636

Asset management 1,328 902

OMSA - Rm 5,587 5,538

Life 221 208

LTIR 92 136

Long term business 313 344

Asset management 27 9

Rest of Africa - Rm 340 353

Long term business (23) (60)

Asset management 195 48

New markets - Rm 172 (12)

0 500 1,000 1,500 2,000 2,500 Combined Annuity Protection Savings

Emerging Markets APE sales by

segment and product (Rm)

2010 2009

Total R5,178m (£393m) Total R5,505m (£487m)

1. Segments are Mass Foundation, Retail Affluent, Institutional (comprising Corporate and OMIGSA), Rest of Africa and New Markets (Colombia, Mexico, India and China)



South Africa sales

 Strong sales growth

in Mass Foundation cluster



New Markets sales

 Double digit growth

in Mexico and China



Positive NCCF



Strong APE margin

performance

39 A

Nordic

 Strong AOP growth driven by market recovery, management actions, and private equity gains (SEK126m)

 Earnings from the bank were suppressed reflecting the low base rate in Sweden

 New business (APE) volumes lower in Link Regular as anticipated, but margins increased reflecting product strategy

SEKm 2010 2009

IFRS adjusted operating profit 1,227 737

Life new business APE 2,238 2,819

Life VNB 460 526

New business APE margin 21% 19%

Unit trust/mutual fund sales 6,466 4,708

Net client cash flow (SEKbn) 7.4 11.6

Funds under management (SEKbn) 145.4 127.2

Retail Europe

€m 2010 2009

IFRS adjusted operating profit 60 25

Life new business APE 80 75

Life VNB 9 (6)

New business APE margin 11% (8%)

Unit trust/mutual fund sales 27 27

Net client cash flow (€bn) 0.5 0.6

Funds under management (€bn) 5.8 4.7

Return on equity 20% 9%

 Record level of AOP driven by FUM growth and impact of management actions including expense discipline

 NCCF remained stable, driven by regular premium inflow partially offset by higher surrender values

41 A

Wealth Management

£m 2010 2009

IFRS adjusted operating profit 197 106

Life new business APE 734 617

Life VNB 66 49

New business APE margin 9% 8%

Unit trust/mutual fund sales 4,507 3,210

Net client cash flow (£bn) 3.9 2.5

Funds under management (£bn) 55.9 46.9

Return on equity 14% 8%

 Strong growth in profitability due to higher FUM

 Good growth in UK platform and Italian sales

UK product sales

UK product sales £m

2010

2009

%

Life APE Pensions 273 216 26% Bonds 60 47 28% Protection 10 8 25% Savings 9 5 80% Total 352 276 28% Unit trusts Institutional 408 200 104% Mutual funds 1,607 1,125 43% ISA’s 1,241 765 62% Total 3,256 2,090 56%



UK NCCF up 8% to £2.3bn



UK FUM up 20% to £33.9bn



£6bn gross sales



UK PVNBP sales up 32% to

3,023m, major UK player



IFRS AOP up 56% to

£140m

43 A

Nedbank

 Solid earnings growth

 Strong improvement in Non Interest Revenue

 Net interest margins held up well considering 150bps decline in prime rate during 2010

 Impairment levels improving slowly, positive move in credit loss ratio

Rm 2010 2009

IFRS adjusted operating profit 6,799 6,192

Net Interest Income 16,608 16,306

Non Interest Revenue 13,215 11,906

Impairments 6,188 6,634

Net Interest Margin 3.35% 3.39%

Credit loss Ratio 1.36% 1.52%

Core Tier 1 Ratio 10.1% 9.9%

Nedbank targets

Metric 2010

Performance

Medium to

long-term target 2011 Outlook

ROE (excl goodwill) Improving, Impairments

charge 13.4%

5% above monthly weighted average cost of ordinary shareholders' equity

Improving, remaining below target

Growth in diluted headline earnings

per share (EPS) 8.7%

At least consumer price Index +

GDP growth + 5% Forecast to exceed target Impairments Charge (credit loss ratio) 1.36% Between 0,6% and 1,0% of

average banking advances

Improving, remaining above target

NIR:expenses ratio 79.6% > 85% Improving, remaining below target

Efficiency ratio 55.7%1 _{< 50.0%} Improving, remaining

above target Basel II core Tier 1 capital adequacy

ratio 10.1% 7,5% to 9,0%

Improving, remaining above top end of target range Basel II Tier 1 capital adequacy ratio 11.7% 8.5% to 10.0% Improving, remaining above

top end of target range Basel II total capital adequacy ratio 15.0% 11.5% to 13.0% Improving, remaining above

top end of target range Economic capital Capitalised to 99.93% confidence interval on economic capital basis

(target debt rating A including 10% buffer)

Dividend cover policy 2.30% 2.25 to 2.75 times 2.25 to 2.75 times

45 A 1. Actual efficiency ratio is 55.7% including BEE costs

Mutual & Federal

 Strong AOP growth in 2010

 Premiums flat on 2009 levels

 Lower claims recorded, resulting in a large uplift in the underwriting result

 Solvency ratio improved strongly and M&F now have a strong balance sheet

Rm 2010 2009

IFRS adjusted operating profit 1,162 918

Gross premiums 8,442 8,456

Claims ratio 63.8% 68.7%

Underwriting result 519 140

Solvency ratio 73% 56%

Appendix 5

US Asset Management:

adjusted operating profit

Income Statement ($m) 2010 2009 % change

Management fees 707 656 8%

Performance & transaction fees 18 24 (25%)

Other revenues 40 32 25%

Total revenues 765 712 7%

Operating expenses (431) (413) (4%)

Variable compensation expenses (199) (169) (18%)

Total expenses (630) (582) (8%)

Adjusted operating profit 135 130 4%

US Asset Management:

funds under management

$bn

31 Dec 10

31 Dec 09

Beginning of period FUM

261

240

Transfers to other Group companies

(7)

(9)

Net fund (outflows)/inflows

(18)

(7)

Market movements

23

39

Net acquisitions/(disposals)

-

(2)

End of period FUM

259

261

Average FUM

256

246

49 A

US Asset Management: Fund mix

Fund mix $bn 2010 est. mgt

fee rate (bps) Indicative benchmarks FUM 31 Dec 10 FUM 31 Dec 09 Equity

US value 20-30 Russell 1000 Value 59 56

US growth 45-55 Russell 1000/2000 _Growth 6 7

US core 35-45 S&P 500 10 12

Non-US 40-50 MSCI EAFE 51 45

126 120

Fixed income 20-30

Barclays Capital Aggregate /

Non-US Govt Bond

61 59

Stable value 8-15 42 47

Alternative/ real estate/

cash collateral 40-50

3 month T-Bill/

Wilshire RE 30 35

USAM: Investment performance

At 31 Dec 2010 Outperformance vs benchmark Outperformance vs peer group 1 year 51% 30% 3 years 38% 15% 5 years 67% 19% At 31 Dec 2009 Outperformance vs benchmark Outperformance vs peer group 1 year 51% 34% 3 years 58% 50% 5 years 61% 52% 51 A

Appendix 6

Bermuda bond portfolio

1

quality

1. Portfolio on a statutory basis; table includes CMBS / RMBS / ABS in relevant rating category

Rating 31 Dec 10 30 Jun 10 31 Dec 09 30 Jun 09

Aaa 23% 23% 29% 30% Aa 8% 6% 7% 6% A 22% 23% 21% 21% Baa 38% 39% 38% 37% <Baa 9% 9% 5% 6% Total 100% 100% 100% 100% 53 A

Bermuda: 2010 cash flow

Cash income from investment transactions Surrenders/ Withdrawals / Death Claims Admin expenses / Other Premiums received/Capital Injections Op en in g cash : $404m C lo si n g cash : $272m Corporate: $(34)m (2009: $185m) _Withdrawals: Surrenders / $(982)m (2009: $(919)m) Fixed maturities / sales: $247m (2009: $495m) Net premiums: $0m (2009: $23m) Fixed purch: $(100)m (2009: $(258)m) Inflows: $1,217m Outflows: $(1,349)m Fixed: $58m (2009: $140m) Fees: $137m (2009: $84m) Capital injections: $0m (2009: $0m) OM plc Notes: $(7)m (2009: $(272)m) Death claims: $(40)m (2009: $(38)m) Separate Account: $775m (2009: $553m) Commissions: $(24)m (2009: $(20)m) Other

(OM Re, Breakage: $(0)m (2009: $(153)m) Admin costs: $(39)m (2009: $(29)m) Futures: $(123)m (2009: $(503)m)

Appendix 7

US Life: bond portfolio features

 Total unrealised gain of $309m (excluding gains of $84m on IAS 39 reclassified securities) at 31 December 2010. Total unrealised loss of $497m at 31 December 2009.

 Total 2010 impairments were $50m on a total of 42 securities, and there were revaluations of $54m on a total of 11 previously impaired securities. Of the 42 securities written down in 2010, 21 were impaired due to direct sub-prime exposure. Impairments in 2009 and 2008 were $389m and $711m respectively

 No corporate bond defaults in 2010 (2009: $14m)

 4.3% of the portfolio is in high yield corporate bonds. 71% of these holdings have a BB rating from either Moody's, S&P or Fitch

 2.0% of US Life's investment portfolio has direct exposure to sub-prime debt, 94% of which is rated BBB or better with consistent improvements in fair value to book value ratios since 2009

 Whilst the business may experience mark-to-market losses on certain holdings, it is well matched to its liabilities even under adverse policyholder behaviour and has substantial flexibility to meet policyholder obligations

US Life: net investment income

$m

2010

2009

Income from investments 960 977

Less impairment charges (50) (375)

Plus impairment revaluations 53

-Less default charges - (14)

3 (389)

Less loss of investments sold (146) (64)

Plus gains on investments sold 162 98

19 (355)

Fair value movements 86 167

Net investment income 1,065 789

57 A

US Life: Composition of

the portfolio

1

$m (Fair value) 31 Dec 10 30 Jun 10 31 Dec 09

Treasury / Agency 417 463 505

CMBS / RMBS / ABS 2,133 2,804 2,900

Corporate bonds 13,708 13,297 11,947

Cash / Short Term 613 268 839

Total Investments & Securities 16,871 16,832 16,191

Market value to Book value2 _{102% 101% 97%}

1. IFRS basis

US Life: Top 10 corporate

bond holdings

31 Dec 2010 Book value

$m % of portfolio Market value $m % of portfolio PNC 151.3 0.95% 159.0 0.98%

Wells Fargo Inc 149.2 0.94% 161.3 0.99%

Citigroup Inc 106.4 0.67% 118.3 0.73%

Prudential Financial Inc 100.6 0.63% 101.6 0.63%

Lloyds 98.6 0.62% 107.5 0.66%

Century Telephone Inc 96.5 0.61% 95.0 0.59%

Morgan Stanley 94.1 0.59% 102.8 0.63%

Simon Property Group Inc 91.6 0.58% 92.7 0.57%

Goldman Sachs 88.3 0.55% 99.3 0.61%

Philip Morris Intl. Inc 88.0 0.55% 81.4 0.50%

Total 1,064.6 6.69% 1,118.9 6.89%

 2009: top 10 holdings (at book value) accounted for 8.09% of the portfolio

59 A

US Life: Mortgage Backed Securities

(MBS) & municipal exposure

$m Book value LTV1 MBS exposure by LTV (31 Dec 2010) Residential MBS 837 74.0 Of which, Sub-Prime 359 63.2 Commercial MBS 775 66.1 Total MBS 1,612 70.2 $m % of portfolio

Municipal bond exposure 558 3.5%

US Life: exposure to Mortgage

Backed Securities

$m (Book values) 31 Dec 10 30 Jun 10 31 Dec 09

Total mortgage backed securities exposure

Residential (excluding Sub-prime) 837 958 1,112

Commercial 775 1,280 1,380

Percentage of total portfolio 10.1% 13.7% 15.7%

Sub-prime exposure 359 402 428

Percentage of total portfolio 2.0% 2.5% 2.7%

AAA or better 78% 88% 66%

AA or better 78% 89% 83%

A or better 79% 89% 85%

BBB or better 94% 93% 90%

CCC or better 100% 100% 100%

Market to Book Value 94% 88% 81%

61 A

US Life: exposure to sub-prime

lending

 Sub-prime exposure of $359 million (2.0% of overall portfolio) (fair value $338 million) as at 31 Dec 10

 94% of sub-prime holdings remain investment grade

 Concentration in first mortgages; all investments are fixed rate and owner occupied so without rate-reset risk and exposure to investment properties

 $29.6 million of impairments recorded on sub-prime investments in 2010, compared to $71.4 million recognised during the prior year, offset by $1.4 million of impairment revaluations

 Decrease in impairments due to lower sub-prime exposure as well as improvement in default rates as home prices stabilise

 Market value at 94% of book value

 2002 - 2007 vintages: 94% BBB or better: concentrated in refinance mortgages (rather than purchase mortgage)

 Alt-A fair value to book value ratio of 93%

 Prime mortgage-backed securities fair value to book value ratio of 98%

 Total residential and commercial mortgage backed securities of $1,612 million (approximately 9.5%) of US Life's portfolio at 31 Dec 2010. Includes $254 million of US government sponsored

US Life: rating and vintage split

of sub-prime

Vintage AGY AAA AA A BBB BB or

below Total 2007 0% 9% 0% 0% 0% 3% 12% 2006 0% 5% 0% 0% 5% 2% 12% 2005 0% 36% 0% 0% 10% 0% 46% 2004 0% 22% 0% 0% 0% 0% 22% 2003 & prior 2% 4% 0% 1% 0% 1% 8% Total 2% 76% 0% 1% 15% 6% 100%

Total $m (book value) 7 271 0 3 55 23 359

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US Life: exposure to monolines

$m (Book values) 31 Dec 10 30 Jun 10 31 Dec 09

Total monoline exposure 309 405 467

Percentage of total portfolio 1.9% 2.5% 2.9%

Of which, indirect (wrapped) exposure 288 384 418

Trading at Market to Book Value 91% 86% 81%

And direct exposure 21 21 49

US Life Group: 2010 cash flow

Cash income from portfolio/ investment transactions Surrenders/ Claims Paid Admin expenses paid Opening c as h: $846m (20 0 9 $ 9 2 4 m ) C los ing c as h: $613m (20 0 9 $ 8 4 6 m ) Premiums received/Capital Injections Cash: $0m (2009: $3m) Bonds/other: $973m (2009: $982m) Surrenders & Lapses paid out:

$(1,231)m (2009: $(1,508)m) Maturities/sales: $4,175m (2009: $3,659m) Net premiums: $1,699m (2009: $977m) Purchases $(4,305)m (2009:$(3,245)m) Inflows: $6,877m Outflows: $(7,110)m Capital injections: $30m (2009: $225m) Claims paid: $(1,272)m (2009: $(944)m) Commissions: $(107)m (2009: $(98)m) Office costs: $(86)m (2009: $(99)m) Capital returns: $(109)m 1 (2009:$(30)m)

1. Includes $25m principal and interest on debt

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