Redemption of Debt

Notice to Noteholders

Standard Life plc (the "Issuer"): €750,000,000 6.375 per cent Fixed/Floating Rate Subordinated Guaranteed Bonds due 2022 (ISIN: XS0151267522) (the "Bonds")

Under condition 6(c) of the Terms and Conditions of the Bonds (as set out in the Trust Deed dated 12 July 2002 as amended and restated on 10 June 2006), the Issuer has an option to redeem all (but not some) of the Bonds on or after the Reset Date, 12 July 2012, at their principal amount together with interest accrued to, but excluding, the date of redemption.

On 30 August 2011 the Issuer announced that it planned to tender for any and all of the Bonds and on 12 September 2011 it announced that it had accepted for purchase €687,220,000 in aggregate principal amount, leaving €62,780,000 in aggregate principal amount of Bonds outstanding (the "Outstanding Bonds").

Notice is hereby given that pursuant to Condition 6(c) of the Bonds the Issuer intends to redeem all of the Outstanding Bonds on the Reset Date at their principal amount outstanding together with interest accrued to, but excluding, the date of redemption.

Notice has been given to the Financial Services Authority which has confirmed its non-objection to the proposed redemption.

Terms used in this notice and not defined herein shall have the meanings set out in the Terms and Conditions of the Bonds.

Payment of redemption monies will be made through Euroclear Bank SA/NV and Clearstream Banking, société anonyme, in accordance with their standard procedures.

28 May 2012