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Standard Life plc - Annual Report and Accounts 2007
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Directors' report

The Directors present their annual report on the affairs of the Group, together with the EEV, IFRS and Company financial statements and auditors' reports, for the year ended 31 December 2007.

Reporting for the year to 31 December 2007

The activities of the Company, its principal subsidiary undertakings and their branches are summarised in the Group overview section of the business review. Reviews of the operating and financial performance of the Group for the year to 31 December 2007, of any important events after the year end and of likely future developments, are given in the Group Chief Executive's statement and the business review. Together with the Chairman's statement and the corporate responsibility overview, they form part of this report.

The Corporate governance report is submitted by the Board, and the Directors' remuneration report is submitted on behalf of the Board.

The results of the Group on a European Embedded Value (EEV) basis and on an IFRS basis are presented in the business review.

A detailed description of the basis of preparation for IFRS (including underlying profit) and for EEV results is set out in the basis of preparation section in the business review. This section also confirms that the 2006 comparative figures are prepared on a pro forma basis. There is information about the Group's use of financial instruments and related financial risk management matters in Note 37 to the Group financial statements. A detailed description of a material nonadjusting post balance sheet event is given in Note 46 to the Group financial statements.

A statement of Directors' responsibilities for the preparation of the financial statements for the year to 31 December 2007 follows this report and a cautionary comment concerning forward-looking statements is made below.

At the date of approving this report, so far as each Director is aware, there is no relevant audit information, being information needed by the auditors in connection with the preparation of their report, of which the auditors are unaware. Having made enquiries of fellow Directors and the Company's auditors, all the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the auditors are also aware of that information.

The Chairman's statement, Group Chief Executive's statement, business review and other sections of this Annual Report and Accounts may contain forward-looking statements about certain of the Group's current plans, goals and expectations relating to future financial conditions, performance, results, strategy and objectives. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates', and other words of similar meaning are forward-looking. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the Group's control.

As a result, the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements. The Company will not undertake any obligation to update any of the forward-looking statements in this Annual Report and Accounts.