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31.12.2007
Standard Life plc Increase in Indian JV Stake

Standard Life plc is delighted to announce that its subsidiary Standard Life (Mauritius Holdings) 2006 Limited has increased its stake in HDFC Standard Life Insurance Company Limited ("HDFC SL"), its Indian life insurance joint venture, to 26%, through acquiring approximately 7.15% of HDFC SL from its joint venture partner, Housing Development Finance Corporation Limited ("HDFC").

The consideration was approximately £25.7m, payable in cash. The price was derived from a formula set out in the joint venture agreements.

Standard Life now owns the maximum shareholding currently permitted under Indian law. If Indian law permits Standard Life to increase its holding above 26%, subject to applicable laws and regulations, any increase will be made at a fair value to be agreed between HDFC and Standard Life at that time.

HDFC SL has grown strongly since it started business seven years ago and now has over 12,000 employees, more than 100,000 agents and in excess of 270 branches giving nationwide coverage throughout India.

Annual Premium Equivalent sales from HDFC SL increased by 72% in constant currency in the first nine months of 2007.

Standard Life and HDFC are committed to the continued growth of HDFC SL and an IPO of the business. The current intention is to launch the IPO before the end of 2009, subject to applicable regulations.

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