Standard Life announced a review of its UK with-profits bonus rates on 28 January 2016.

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1 Standard Life Assurance Limited With-profits bonus declaration 28 January 2016 Standard Life announced a review of its UK with-profits bonus rates on 28 January Most customers will have a seen a year on year increase in the value of their plan. Customers will be able to see how their plan has changed in their annual statements or they can go online to view their plan values at Most regular bonus rates have remained unchanged; some unitised pension bonus rates have reduced from last year, which means that guarantees will grow at a slower rate after 1 February Sample with-profits payouts based on today's changes These examples are purely for illustration. Each customer s circumstances are different. There are many variables that affect the value of their with-profits investment including how old they are, when their investment started, and how much has been paid in. Type of plan Term of plan Gender / Age Amount invested Plan value at 01/02/2015 Payout at 28/01/2016 Pensions 20 years: started 28 January 1996 Male Retirement age 65 48,000 ( 200pm) 72,271 81,770 Savings Endowment 25 years: started 28 January 1991 Male 29 at start 15,000 ( 50pm) 24,415 26,128 The figures shown refer to the past. Past performance is not a reliable guide to future performance.

2 With-profits bonus declaration: further information 1. Regular bonus rates and guarantees Regular bonus rates increase the guarantees that underpin with-profits business. Unitised plans Unitised life plans that have a 3% pa unit price growth guarantee Unitised with-profits pensions that have a 4% pa unit price growth guarantee Guaranteed benefits continue to grow at a rate of 3% pa 4% pa With Profits Bond Other unitised life plans including Homeplan Other unitised pensions plans* * Excluding Stakeholder and plans invested in the Pension Inflation Plus Fund From 1 February 2016 (until further notice) guaranteed benefits will grow at a rate of 2.5% pa 0.5% pa 0.5% pa Conventional plans Bonus added to guaranteed benefits on 1 February 2016 Life plans 0.25% on sum assured 0.35% on attaching bonuses Personal Pension and Executive Pension plans 0.25% on sum assured 0.25% on attaching bonuses For scheme year ending on or after 1 March 2016 Group Pension plans 0.00% on sum assured 0.00% on attaching bonuses

3 2. Standard Life s with-profits asset mixes and investment returns We have different types of with-profits plans with different asset mixes. The mix for each type of plan reflects any guarantees and how they are applied. We publish separate information for the seven different asset mixes for our main lines of business. For more information please refer to the quarterly investment reports which can be found at /c1/funds/with-profits-important-information.page At 31 December 2015 the asset mix and investment return details were: 1 Class of with-profits business Unitised life funds with a minimum unit price growth rate of 3% a year and unitised pension funds with a minimum unit price growth rate of 4% a year Equities Asset mix 31/12/15 Fixed Interest & Other * Property Estimated Gross Return for 12 months to 31/12/ % 79.8% 5.5% 1.7% 2 With Profits Bonds 53.4% 28.3% 18.3% 3.5% 3 Homeplan and other unitised life plans not included in 1 above, and other unitised pension business (excluding Stakeholder, and plans invested in the Pension Inflation Plus Fund) 47.6% 36.1% 16.3% 3.2% 4 With Profits Pension Annuities 44.7% 41.6% 13.7% 2.9% 5 Conventional life with-profits plans, including mortgage endowments, and non unitised pensions 29.0% 50.1% 20.9% 2.9% 6 7 Stakeholder with-profits pension plans starting before 10 July % 38.3% 0.0% 0.8% Stakeholder with-profits pension plans starting after 9 July % 38.6% 0.0% 0.9% *Fixed Interest and Other includes Corporate fixed interest, Government bonds including index linked bonds, cash deposits and money market instruments. Notes: The figures shown refer to the past. Past performance is not a reliable guide to future performance. The return on the asset mix is only one of the factors that affect with-profits plan values. Other factors are the deductions we make, and any other discretionary adjustments that we may apply such as smoothing. The deductions are for example for costs of guarantees and our expenses. We may also top up plan values with a payment from the inherited estate.

4 3. Final bonuses and Market Value Reductions (MVRs) We describe how we calculate with-profits payout values in our Understanding With Profits booklets. A plan s with-profits payout value determines the amount of final bonus, if any, as follows: For conventional plans, such as savings endowments, the final bonus at maturity is the difference between the sum assured plus regular bonuses and the payout value. For unitised plans, the final bonus is the difference between the unit value and the payout value. Sometimes there will be no final bonus. The payout value from a unitised plan can be higher or lower than its unit value. Any payment in excess of the unit value is final bonus. If the payout value is less than the unit value the difference is sometimes called an MVR. However, there will be no MVR if a guarantee applies. This is generally on death or maturity, or when a pension fund is used to buy an annuity. The payout value then will be the unit value plus any final bonus payable at the time +. ( + For some older pension plans there may be a deduction for outstanding charges. There is also an early exit penalty for some recent With Profits Bonds.) The payout value for a plan is calculated daily. The final bonus or MVR differs from plan to plan depending on such things as the payments made to the plan and when they were paid as well as the growth in the unit price. Currently the majority of plans don t have an MVR. 4. Frequently Asked Questions What has changed? Why has the bonus growth rate reduced on my plan? Why does the value of my plan change so much at each review? Why is there an MVR (Market Value Reduction) on my pension plan? Where can I find out more about with-profits? What has changed? We have reduced some regular unitised pension bonus rates. Regular bonuses increase the guaranteed benefits for with-profits plans and this change affects the rate at which the guaranteed amount will grow after 1 February 2016 We have reset the calculation factors we use to calculate payout values for many types of with-profits plans. We regularly review payouts on our with-profits plans to ensure that withprofits customers continue to receive a fair return, taking account of the investment returns on the assets of the with-profits fund Most plan values have increased over the year to 28 January 2016.

5 Regular and Interim bonus rates Reversionary and interim bonus rates for conventional with-profits plans are the same as last year The bonus growth rate for some unitised pension with-profits plans are reduced from 1 February 2016 The bonus growth rates for unitised life plans and With Profits Bonds are unchanged Bonuses provide a gradual build-up of guaranteed benefits We currently expect these regular bonus rates to apply at least till February If you want more information on our regular bonus rates please click on the relevant link below;- Life contracts /1/content/resources/uk_internet/PDFs/Retail/wp1.pdf Pension contracts /1/content/resources/uk_internet/PDFs/Retail/wp3.pdf Payout values For most types of with-profits plan we use payout calculation factors to calculate payout values. These factors are set to ensure that each customer receives a fair payout plus any Inherited Estate enhancement. Last year we reset these factors in January and July. For most plans the payout value based on the payout calculation factors set at 28 January 2016 are higher than when the factors were reset at 29 January Why has the bonus growth rate reduced on my plan? As guarantees build up we have to ensure the with-profits fund remains strong and is able to meet all the guarantees. We expect asset classes such as equities and property to offer better prospects for with-profits payouts in the long run but the higher the guaranteed benefits the more we may need to invest in lower-risk assets such as fixed interest and cash. We are therefore reducing some bonus growth rates from 1 February 2016 and so the guaranteed amount for your plan will grow at a slower rate from that date. Why does the value of my plan change so much at each review? The value of the assets that we hold to back with-profits plans can go up and down. Because of this the value of your plan can rise and fall. Smoothing aims to even out some of the effects of short-term ups and downs in investment returns. However, there may be times when payout values do not move smoothly even when we are applying smoothing. For example, where we use calculation factors to calculate payouts. We don't set these every day. When we change them, we have to take account of investment returns, adjusted for any smoothing, since we last set them. This can result in a sharp overnight change, up or down, in payout values.

6 Why is there an MVR (Market Value Reduction) on my pension plan? Your plan s transfer value is a fair payout that takes account of how the fund has performed while your plan has been invested in with-profits. In particular it takes account of the investment returns on the assets in the with-profits fund, and any smoothing. Your plan s unit value includes the regular bonuses that have been added to the guaranteed amount over the same period. But regular bonuses are not directly linked to the performance of the with-profits fund. This means that the unit value can be higher than the transfer value, giving valuable protection for claims where guarantees apply. (The unit value is the number of units multiplied by the unreduced unit price.) There s no guaranteed amount payable on transfer and so the transfer value can be lower than the unit value. This happens when your fair payout hasn t grown by as much as the unit value since your plan started. In other circumstances, when the transfer value is higher than the unit value, we pay a final bonus to make up the difference. Your plan s retirement value will also reflect how the with-profits fund has performed while your plan has been invested in with-profits, and any smoothing. Currently, when we calculate retirement values we apply a minimum of unit value to each year s units and so the retirement value can be higher than the transfer value and, for claims where guarantees apply, the retirement value will be at least the total unit value +. ( + For some older pension plans there may be a deduction for outstanding charges.) Where can I find out more about with-profits? You can find out more about with-profits on our website: /withprofits For information on unit values, guaranteed amounts, calculation factors, smoothing and how we set fair payouts, please also see our Understanding With Profits booklets at /c1/funds/with-profits-important-information.page

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