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Responding to global markets

The global marketplace is a very real phenomenon. It is vast, complex and fast changing - and every movement has the potential to affect the way we do business. To keep performing for our shareholders, we make sure we are alert to and in tune with the events that matter. In the second half of 2007, this insight became crucial as volatility in the global economy shook investor confidence and pushed down share prices. Although markets remained difficult, Standard Life's fundamental strengths and clear strategy meant that we were able to continue to do profitable business in our chosen areas.

We are encouraging our people into a 'global' way of thinking so that we get the best out of our organisation. For example, we are taking the skills we have in the UK and Canada and using them to help build a healthcare operation in our Indian joint venture, having teams in the UK and Canada work together to develop technology and member communications for Defined Contribution Pension Schemes, and adapting the institutional investment manufacturing capability of Standard Life Investments to bring innovative investment solutions to individuals with substantial amounts of investable assets.

In Canada, we created our first Centre of Excellence - all our branded communication materials will be designed and produced in our studio in Montreal. This means we can both work more efficiently and focus our future investment on one world class design facility. Our Annual Report and Accounts is an example of this working in practice.

We are pleased with what we've achieved so far, but there's much more we can still do. Continuing success requires continuing the search for improvement. Our people are adept at dealing with change and their knowledge, experience and talents have helped us to do better at every level. And we're finding new ways to develop their skills so that they can be fully involved in taking our business forward.

Group Chief Executive's statement ... continued

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