Standard Life Aberdeen plc

Full Year Results 2020

Part 6 of 8

31. Insurance contracts, investment contracts and reinsurance contracts

Insurance contracts, participating investment contracts and reinsurance contracts relate to SL Asia which was sold on 30 June 2020 (refer Note 1).

SL Asia held non-participating insurance and investment contracts. A contract is classified as an insurance contract only if it transfers significant insurance risk. Insurance risk is significant if an insured event could cause an insurer to pay significant additional benefits to those payable if no insured event occurred, excluding scenarios that lack commercial substance. Life and pensions business contracts that are not classified as insurance contracts are classified as investment contracts.

SL Asia's insurance and investment contracts did not contain any discretionary participating features so were classified as non-participating.

SL Asia's non-participating investment contracts were unit linked and details of the accounting policies for these contracts are given in Note 25. The accounting policies for SL Asia's non-participating insurance contracts are given below.

(a)(i) Premiums, claims and change in insurance contract liabilities

Premiums received on insurance contracts are recognised as revenue in the consolidated income statement when due for payment except for unit linked premiums which are accounted for when the corresponding liabilities are recognised. For single premium business, this is the date from which the policy is effective. For regular (and recurring) premium contracts, receivables are established at the date when payments are due.

Claims paid on insurance contracts are recognised as expenses in the consolidated income statement. Maturity claims and annuities are accounted for when due for payment. Surrenders are accounted for when paid or, if earlier, on the date when the policy ceases to be included within the calculation of the insurance liability. Death claims and all other claims are accounted for when notified. Claims payable include the direct costs of settlement. Reinsurance recoveries are accounted for in the same period as the related claim.

The change in insurance and participating investment contract liabilities, comprising the full movement in the corresponding liabilities during the period, is recognised in the consolidated income statement.

(a)(ii) Measurement - non-participating insurance contract liabilities

The Group's policy for measuring liabilities for non-participating insurance contracts issued by overseas subsidiaries is to apply the valuation technique used in the issuing entity's local statutory or regulatory reporting.

The Group applies a liability adequacy test at each reporting date to ensure that the insurance contract liabilities (less related deferred acquisition costs) are adequate in the light of the estimated future cash flows. This test is performed by comparing the carrying value of the liability and the discounted projections of future cash flows. If a deficiency is found in the liability (i.e. the carrying value amount of its insurance liabilities is less than the future expected cash flows), that deficiency is provided for in full. The deficiency is recognised in the consolidated income statement.

(a)(iii) Measurement - reinsurance contracts

Reinsurance contracts are measured using valuation techniques and assumptions that are consistent with the valuation techniques and assumptions used in measuring the underlying policy benefits and taking into account the terms of the reinsurance contract.

(a) Insurance contract premium income

	2020	2019
	£m	£m
Gross earned premium	32	67
Premium ceded to reinsurers	(1)	(1)
Insurance contract premium income from continuing operations	31	66

(b) Insurance contract claims and change in liabilities

	2020	2019
	£m	£m
Claims and benefits paid	28	61
Claim recoveries from reinsurers	-	(2)
Net insurance claims	28	59
Change in reinsurance assets and liabilities	(3)	1
Change in insurance contract liabilities	(8)	96
Insurance contract claims and change in liabilities from continuing operations	17	156

32. Financial liabilities

Management determines the classification of financial liabilities at initial recognition. Financial liabilities which are managed and whose performance is evaluated on a fair value basis are designated as at fair value through profit or loss. Changes in the fair value of these financial liabilities are recognised in the consolidated income statement.

Derivatives are also measured at fair value. Changes in the fair value of derivatives are recognised in investment return in the consolidated income statement except for derivative instruments that are designated as a cash flow hedge or net investment hedge. The classification of derivatives and the accounting treatment of derivatives designated as a hedging instrument are set out in Note 20.

Other financial liabilities are classified as being subsequently measured at amortised cost. Amortised cost is calculated, and the related interest expense is recognised in the consolidated income statement, using the effective interest method.

All financial liabilities are initially recognised at fair value less, in the case of financial liabilities subsequently measured at amortised cost, transaction costs that are directly attributable to the issue of the liability.

Where the terms of a financial liability measured at amortised cost are modified and the modification does not result in the derecognition of the liability, the liability is adjusted to the net present value of the future cash flows less transaction costs with a modification gain or loss recognised in the income statement.

The methods and assumptions used to determine fair value of financial liabilities measured at fair value through profit or loss and derivatives are discussed in Note 40.

The table below sets out an analysis of financial liabilities excluding unit linked financial liabilities which are set out in Note 25.

		Designated as at fair value through profit or loss		Cash flow hedge		At amortised cost		Total
		2020	2019	2020	2019	2020	2019	2020	2019
	Notes	£m		£m		£m		£m
Third party interest in consolidated funds		77	119	-	-	-	-	77	119
Subordinated liabilities	33	-	-	-	-	638	655	638	655
Derivative financial liabilities	20	7	3	6	-	-	-	13	3
Other financial liabilities	36	6	14	-	-	1,171	1,301	1,177	1,315
Total		90	136	6	-	1,809	1,956	1,905	2,092

33. Subordinated liabilities

Subordinated liabilities are debt instruments issued by the Company which rank below its other obligations in the event of liquidation but above the share capital. Subordinated liabilities are initially recognised at the value of proceeds received after deduction of issue expenses. Subsequent measurement is at amortised cost using the effective interest rate method.

		2020		2019
	Notes	Principal amount	Carrying value	Principal amount	Carrying value
Subordinated notes
4.25% US Dollar fixed rate due 30 June 2028		$750m	£546m	$750m	£563m
5.5% Sterling fixed rate due 4 December 2042		£92m	£92m	£92m	£92m
Total subordinated liabilities	40		£638m		£655m

A description of the key features of the Group's subordinated liabilities as at 31 December 2020 is as follows:

	4.25% US Dollar fixed rate¹	5.5% Sterling fixed rate
Principal amount	$750m	£92m
Issue date	18 October 2017	4 December 2012
Maturity date	30 June 2028	4 December 2042
Callable at par at option of the Company from	Not applicable	4 December 2022 and on every interest payment date (semi-annually) thereafter
If not called by the Company interest will reset to	Not applicable	4.85% over the five-year gilt rate (and at each fifth anniversary)

¹ The cash flows arising from the US dollar subordinated notes give rise to foreign exchange exposure which the Group manages with a cross-currency swap designated as a cash flow hedge. Refer Note 20 for further details.

The difference between the fair value and carrying value of the subordinated liabilities is presented in Note 40. A reconciliation of movements in subordinated liabilities in the year is provided in Note 41.

The principal amount of all the subordinated liabilities is expected to be settled after more than 12 months. The accrued interest on the subordinated liabilities of less than £1m (2019: less than £1m) is expected to be settled within 12 months.

During the year to 31 December 2020, the 5% 2015 Non-voting perpetual non-cumulative redeemable preference shares issued by AAM PLC were reclassified as subordinated liabilities. Refer Note 30 for further details. The liabilities were recognised at fair value of £102m with fair value movements since acquisition of £1m being transferred to retained earnings. The fair value included the final dividend paid of £2m as part of the redemption. The preference shares were redeemed on 8 July 2020 for a total consideration of £102m which included the dividend.

During the year to 31 December 2019, the Company repurchased 5.5% Sterling fixed rate subordinated notes with a principal amount of £408m (out of a total principal amount of £500m). The total amount paid was £462m including £7m of accrued interest and a repurchase loss of £49m was included in restructuring and corporate transaction expenses for the year ended 31 December 2019 (refer Note 9).

34. Pension and other post-retirement benefit provisions

The Group operates two types of pension plans:

· Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All of the Group's defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual.

· Defined contribution plans where the Group makes contributions to a member's pension plan but has no further payment obligations once the contributions have been paid

The Group's liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee-administered funds. The Group has further smaller defined benefit plans some of which are unfunded.

The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, the surplus is recognised net of this tax charge rather than the tax charge being included within deferred taxation.

For the principal defined benefit plan (UK Standard Life Group plan), the Group considers that it has an unconditional right to a refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan. The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an unconditional right to a refund and therefore a surplus.

Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised which represents the expected present value of the defined benefit pension entitlement earned by members in the period. A past service cost is also recognised which represents the change in the present value of the defined benefit obligation for service in prior periods, resulting from an amendment or curtailment to a plan.

Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.

For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised in current service cost in the consolidated income statement as staff costs and other employee-related costs when they are due.

Defined contribution plans

The defined contribution plans comprise a mixture of arrangements depending on the employing entity and other factors. Some of these plans are located within the same legal vehicles as defined benefit plans. The Group contributes a percentage of pensionable salary to each employee's plan. The contribution levels vary by employing entity and other factors.

Defined benefit plans
UK plans
These plans are governed by trustee boards, which comprise employer and employee nominated trustees and an independent trustee. The plans are subject to the statutory funding objective requirements of the Pensions Act 2004, which require that plans be funded to at least the level of their technical provisions (an actuarial estimate of the assets needed to provide for benefits already built-up under the plan). The trustees perform regular valuations to check that the plans meet the statutory funding objective. While the IAS 19 valuation reflects a best estimate of the financial position of the plan, the funding valuation reflects a prudent estimate. There is no material difference in how assets are measured. The funding measure of liabilities (technical provisions) and the IAS 19 measure are materially different. The key differences are the discount rate and inflation assumptions. While IAS 19 requires that the discount rate reflect corporate bond yields, the funding measure discount rate reflects a prudent estimate of future investment returns based on the actual investment strategy. The funding valuation adopts a market consistent measure of inflation without any adjustment. The IAS 19 assumption incorporates an adjustment to remove the inflation risk premium believed to exist within market prices. The trustees set the plan investment strategy to protect the ratio of plan assets to the trustees' measure of technical provisions. This investment strategy does not aim to protect the IAS 19 surplus or the ratio of plan assets to the IAS 19 measure of liabilities. After consulting the relevant employers, the trustees prepare statements of funding and investment principles and set a schedule of contributions. If necessary, this schedule includes a recovery plan that aims to restore the funding level to the level of the technical provisions.
UK Standard Life Group plan (principal plan)	This is the Group's principal defined benefit plan. The plan closed to new membership in 2004 and changed from a final salary basis to a revalued career average salary basis in 2008. Accrual ceased in April 2016. Following a High Court ruling against a third party's pension scheme in 2018, that required pension schemes to address inequalities for the effect of unequal GMPs accrued between May 1990 and April 1997, an allowance for assumed equalisation was recognised as a past service cost for our principal defined benefit plan in 2018 and this adjustment has been carried forward to 2020. There was a further judgment in 2020 requiring pension schemes to address inequalities for the effect of unequal GMPs for those beneficiaries that transferred out of the scheme between May 1990 and October 2018. The estimated impact is immaterial and is recognised as a past service cost in 2020. The funding of the plan depends on the statutory valuation performed by the trustees, and the relevant employers, with the assistance of the scheme actuary - i.e. not the IAS 19 valuation. The funding valuation was last completed as at 31 December 2019, and measured plan assets and liabilities to be £4.6bn and £3.3bn respectively. This corresponds to a surplus of £1.3bn and funding level of 140%. As there is currently no deficit, no recovery plan is required.
Other UK plans	The Group also operates two UK defined benefit plans as a result of the acquisition of AAM PLC in 2017. These plans are final salary based, with benefits depending on members' length of service and salary prior to retirement. At the last statutory valuation date, these plans were in deficit and the Group agreed funding plans which aimed to eliminate the deficits, with the plans' trustees. At 31 December 2020, one of the two schemes is in surplus on an IAS 19 basis. The funding valuations were last competed as at 30 June 2019; both plans were in deficit and recovery plans have been agreed.
Other plans
Ireland Standard Life plan	In December 2009, this plan closed to new membership and changed from a final salary basis to a career average revalued earnings (CARE) basis. Following the sale of the UK and European insurance business in 2018, there remain fewer than 10 employees who continue to accrue benefits under this plan. At the last funding valuation, effective 1 January 2019, the plan was 72% funded on an ongoing basis.
Other	The Group operates smaller funded and unfunded defined benefit plans in other countries.

Plan regulations

The plans are administered according to local laws and regulations in each country. Responsibility for the governance of the plans rests with the relevant trustee boards (or equivalent).

(a) Analysis of amounts recognised in the consolidated income statement

The amounts recognised in the consolidated income statement for defined contribution and defined benefit plans are as follows:

	2020	2019
	£m	£m
Current service cost	59	60
Past service cost	-	(13)
Net interest income	(23)	(31)
Administrative expenses	3	2
Expense from continuing operations recognised in the consolidated income statement	39	18

Contributions made to defined contribution plans are included within current service cost, with the balance attributed to the Group's defined benefit plans.

Contributions to defined benefit plans in the year ended 31 December 2020 comprised £14m (2019: £15m) to the Other UK plans and the Ireland Standard Life plan. Contributions are expected to remain at this level over 2021 and are not expected to change materially over the subsequent two years. These contributions include a mixture of deficit funding and funding to achieve a targeted level of overall financial strength.

(b) Analysis of amounts recognised in the consolidated statement of financial position

	2020			2019
	Principal plan	Other	Total	Principal plan	Other	Total
	£m	£m	£m	£m	£m	£m
Present value of funded obligation	(3,015)	(375)	(3,390)	(2,852)	(339)	(3,191)
Present value of unfunded obligation	-	(4)	(4)	-	(3)	(3)
Fair value of plan assets	5,253	343	5,596	4,609	308	4,917
Effect of limit on plan surplus	(783)	-	(783)	(615)	-	(615)
Net asset/(liability)	1,455	(36)	1,419	1,142	(34)	1,108

The principal plan surplus is considered to be recoverable as a right to a refund exists. The surplus has been reduced to reflect an authorised surplus payments charge that would arise on a refund. Other includes a defined benefit plan with a surplus of £19m at 31 December 2020 (2019: £21m).

	Present value of obligation		Fair value of plan assets		Total		Effect of limit on plan surpluses			Total
	2020	2019	2020	2019	2020	2019		2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m		£m	£m	£m	£m
At 1 January	(3,194)	(2,856)	4,917	4,527	1,723	1,671		(615)	(598)	1,108	1,073
Total expense
Current service cost	(1)	(2)	-	-	(1)	(2)		-	-	(1)	(2)
Past service cost	-	13	-	-	-	13		-	-	-	13
Interest (expense)/income	(63)	(79)	99	127	36	48		(13)	(17)	23	31
Administrative expenses	(3)	(2)	-	-	(3)	(2)		-	-	(3)	(2)
Total (expense)/income recognised in consolidated income statement	(67)	(70)	99	127	32	57		(13)	(17)	19	40
Remeasurements
Return on plan assets, excluding amounts included in interest income	-	-	712	385	712	385		-	-	712	385
Gain from change in demographic assumptions	286	16	-	-	286	16		-	-	286	16
Loss from change in financial assumptions	(607)	(459)	-	-	(607)	(459)		-	-	(607)	(459)
Release of death in service obligation	-	7	-	-	-	7		-	-	-	7
Experience gains	44	28	-	-	44	28		-	-	44	28
Change in effect of limit on plan surplus	-	-	-	-	-	-		(155)	-	(155)	-
Remeasurement (losses)/gains recognised in other comprehensive income	(277)	(408)	712	385	435	(23)		(155)	-	280	(23)
Exchange differences	(7)	7	5	(5)	(2)	2		-	-	(2)	2
Employer contributions	-	-	14	15	14	15		-	-	14	15
Benefit payments	151	133	(151)	(132)	-	1		-	-	-	1
At 31 December	(3,394)	(3,194)	5,596	4,917	2,202	1,723		(783)	(615)	1,419	1,108

(d) Defined benefit plan assets

Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan's liabilities. Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories disclosed below.

To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 40. Those assets which cannot be classified as level 1 have been presented together as level 2 or 3.

The distribution of the fair value of the assets of the Group's funded defined benefit plans is as follows:

	Principal plan		Other		Total
	2020	2019	2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m
Assets measured at fair value based on level 1 inputs
Derivatives	2	3	-	-	2	3
Equity securities	183	171	-	-	183	171
Interests in pooled investment funds¹
Debt	-	330	-	12	-	342
Equity	-	-	-	34	-	34
Property	-	117	-	6	-	123
Absolute return	-	68	-	116	-	184
Cash	-	275	-	22	-	297
Debt securities	4,431	3,098	-	4	4,431	3,102
Total assets measured at fair value based on level 1 inputs	4,616	4,062	-	194	4,616	4,256
Assets measured at fair value based on level 2 or 3 inputs
Derivatives	95	262	-	(4)	95	258
Equity securities	101	102	-	-	101	102
Interests in pooled investment funds¹
Debt	434	104	13	-	447	104
Equity	37	-	32	-	69	-
Multi-asset private markets	164	157	-	-	164	157
Property	119	-	12	10	131	10
Absolute return	74	-	100	-	174	-
Cash	43	-	16	-	59	-
Debt securities	139	121	78	34	217	155
Qualifying insurance policies	3	6	80	71	83	77
Total assets measured at fair value based on level 2 or 3 inputs	1,209	752	331	111	1,540	863
Cash and cash equivalents	175	222	12	3	187	225
Liability in respect of collateral held	(743)	(426)	-	-	(743)	(426)
Other	(4)	(1)	-	-	(4)	(1)
Total	5,253	4,609	343	308	5,596	4,917

¹ Transfers from level 1 to level 2 in the period primarily relate to interests in pooled investment vehicles which are priced daily but where the daily price is only offered by the fund manager. The Group now considers these investments to be level 2. All other transfers relate to assets where changes in the frequency of observable market transactions resulted in a change in whether the market was considered active.

Further information on risks is provided in Section (g) of this note. The £4,648m (2019: £3,257m) of debt securities includes £4,487m (2019: £3,205m) government bonds (including conventional and index-linked). Of the remaining £161m (2019: £52m) debt securities, £101m (2019: £22m) are investment grade corporate bonds or certificates of deposit.

Included in the qualifying insurance policy asset of £83m (2019: £77m) is an insurance policy purchased by the trustees of one of the Other UK defined benefit plans to protect the plan against future investment and actuarial risks.

The £743m liability in respect of collateral held (2019: £426m) consists of repurchase agreements of £647m (2019: £125m), margins on derivatives of £51m (2019: £25m) and collateral of £45m (2019: £276m).

One Other UK plan has a contract in place to hedge longevity risk for pensioners. The fair value of this derivative is £nil at 31 December 2020 (2019: £nil).

e) Estimates and assumptions

Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to both economic and non-economic factors.

The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown below:

	2020	2019
	%	%
Discount rate	1.45	2.05
Rates of inflation
Consumer Price Index (CPI)	2.40	2.00
Retail Price Index (RPI)	2.90	2.90

The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The population of corporate bond prices used in 2020 excludes bonds issued by UK universities which is a change in methodology for calculating the discount rate and therefore a change to the accounting estimate. The impact of this change in accounting estimate on the defined benefit obligation was a reduction of £72m. The inflation assumption reflects the future reform of RPI effective from 2030 as described in (g)(i) and this is the primary driver of the increase in the CPI assumption. The impact of the increase in the CPI assumption on the defined benefit obligation was an increase of £203m.

The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently uncertain. The assumptions (along with sample expectations of life) are illustrated below:

			Normal Retirement Age (NRA)	Expectation of life from NRA
				Male age today		Female age today
2020	Table	Improvements		NRA	40	NRA	40
	Plan specific basis (calibrated by Club Vita) reflecting membership demographics	Core parameterisation of the CMI 2019 mortality improvements model (S_K parameter of 7.0), with an initial improvement (or 'A') parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%	60	27	28	29	31

			Normal Retirement Age (NRA)	Expectation of life from NRA
				Male age today		Female age today
2019	Table	Improvements		NRA	40	NRA	40
	Plan specific basis (calibrated by Club Vita) reflecting membership demographics	Advanced parameterisation of CMI 2013 mortality improvements model - adjusted to assume that improvements continue to increase in the short term before declining toward an ultimate long-term rate of 1.375%	60	30	32	32	34

The change in longevity assumptions over the period reflects the assumptions that have been agreed with the trustees for the 2019 triennial funding valuation. These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements.

(f) Duration of defined benefit obligation

The graph below provides an illustration of the undiscounted expected benefit payments included in the valuation of the principal plan obligations.

Diagram removed for the purposes of this announcement. However it can be viewed in full in the pdf document

	2020	2019
Weighted average duration	years	years
Current pensioner	14	15
Non-current pensioner	27	28

(g) Risk

(g)(i) Risks and mitigating actions

The Group's consolidated statement of financial position is exposed to movements in the defined benefit plans' net asset. In particular, the consolidated statement of financial position could be materially sensitive to reasonably likely movements in the principal assumptions for the principal plan. By offering post-retirement defined benefit pension plans the Group is exposed to a number of risks. An explanation of the key risks and mitigating actions in place for the principal plan is given below.

Asset volatility

Investment strategy risks include underperformance of the absolute return strategy and underperformance of the liability hedging strategy. As the trustees set investment strategy to protect their own view of plan strength (not the IAS 19 position), changes in the IAS 19 liabilities (e.g. due to movements in corporate bond prices) may not always result in a similar movement in plan assets.

Failure of the asset strategy to keep pace with changes in plan liabilities would expose the plan to the risk of a deficit developing, which could increase funding requirements for the Group.

Yields/discount rate

Falls in yields would in isolation be expected to increase the defined benefit plan liabilities.

The principal plan uses both bonds and derivatives to hedge out yield risks on the plan's funding basis, rather than the IAS 19 basis, which is expected to minimise the plan's need to rely on support from the Group.

Inflation

Increases in inflation expectations would in isolation be expected to increase the defined benefit plan liabilities.

The principal plan uses both bonds and derivatives to hedge out inflation risks on the plan's funding basis, rather than the IAS 19 basis, which is expected to minimise the plan's need to rely on support from the Group.

In the principal plan pensions in payment are generally linked to CPI, however inflationary risks are hedged using RPI instruments due to lack of availability of CPI linked instruments. Therefore, the plan is exposed to movements in the actual and expected long-term gap between RPI and CPI.

A House of Lords report in 2019 raised the potential for changes to the RPI measure of inflation, which was followed by recommendations from the UK Statistics Authority. The results of the consultation on the reform of RPI (announced on 25 November 2020) confirmed that RPI will be aligned to CPIH (CPI excluding owner occupiers' housing costs) as proposed, but not before 2030. While uncertainty remains, there is a risk that future cash flows from, and thus the value of, the plan's RPI-linked assets fall without a corresponding reduction in the plan's CPI-linked liabilities. While not directly observable from market data, the plan's RPI-linked asset values may already reflect an element of the expected changes and risk of such changes.

Life expectancy

Increases in life expectancy beyond those currently assumed will lead to an increase in plan liabilities. Regular reviews of longevity assumptions are performed to ensure assumptions remain appropriate.

(g)(ii) Sensitivity to key assumptions

The sensitivity of the principal plan's obligation and assets to the key assumptions is disclosed below.

		2020		2019
	Change in assumption	(Increase)/decrease in present value of obligation	Increase/(decrease) in fair value of plan assets	(Increase)/decrease in present value of obligation	Increase/(decrease) in fair value of plan assets
		£m	£m	£m	£m
Yield/discount rate	Decrease by 1% (e.g. from 1.45% to 0.45%)	(776)	1,666	(846)	1,522
	Increase by 1%	617	(1,232)	593	(1,092)

Rates of inflation	Decrease by 1%	555	(1,036)	587	(889)
	Increase by 1%	(698)	1,430	(756)	1,243

Life expectancy	Decrease by 1 year	103	n/a	82	n/a
	Increase by 1 year	(103)	n/a	(96)	n/a

35. Deferred income

Where the Group receives fees in advance (front-end fees) for services it is providing, including investment management services, these fees are initially recognised as a deferred income liability and released to the consolidated income statement over the period services are provided.

	2020	2019
	£m	£m
At 1 January	67	75
Additions during the year	25	-
Released to the consolidated income statement as revenue from contracts with customers	(19)	(8)
At 31 December	73	67

The amount of deferred income expected to be settled after more than 12 months is £3m (2019: £60m).

36. Other financial liabilities

		2020	2019
	Notes	£m	£m
Outstanding purchases of investment securities		6	-
Accruals		408	469
Creation of units awaiting settlement		121	110
Lease liabilities	18	249	268
Cash collateral held in respect of derivative contracts	38	14	21
Bank overdrafts	24	202	338
Contingent consideration liabilities	40	6	14
Outstanding contractual obligation for share buyback	26	40	-
Other		131	95
Other financial liabilities		1,177	1,315

The amount of other financial liabilities expected to be settled after more than 12 months is £217m (2019: £239m).

Accruals includes £nil (2019: £3m) relating to contracts with customers (refer Note 4(b)).

37. Provisions and other liabilities

Provisions are obligations of the Group which are of uncertain timing or amount. They are recognised when the Group has a present obligation as a result of a past event, it is probable that a loss will be incurred in settling the obligation and a reliable estimate of the amount can be made.

(a) Provisions

The movement in provisions during the year is as follows:

	Separation costs		Other provisions		Total provisions
	2020	2019	2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m
Opening balance carried forward	77	80	25	25	102	105
Effect of change in accounting policy to IFRS 16¹	-	-	-	(12)	-	(12)
At 1 January	77	80	25	13	102	93
Charged/(credited) to the consolidated income statement
Additional provisions	-	-	16	19	16	19
Release of unused provision	-	-	(7)	(7)	(7)	(7)
Used during the year	(9)	(3)	(9)	-	(18)	(3)
At 31 December	68	77	25	25	93	102

¹ The Group has initially applied IFRS 16 at 1 January 2019. Under the transition method chosen, comparative information is not restated and the cumulative effect of initially applying this standard is recognised in retained earnings at the date of initial application.

The provision for separation costs of £68m (2019: £77m) is for costs expected to be incurred following the sale of the UK and European insurance business to Phoenix. Our judgement is that a provision should be recognised for costs for which the Group will not derive ongoing benefits such as those relating to the de-coupling and decommissioning of systems and data but that a provision should not be recognised for costs related to the development of replacement systems and services as these will give future benefits. Our estimate of the total separation costs, including those relating to the development of replacement systems and services, remains unchanged at £310m of which £282m has been accounted for as at 31 December 2020. The £282m includes the £80m provision recognised in 2018 for separation costs of which £68m remains unused at 31 December 2020. The main uncertainty relating to the provision relates to the costs required to complete the de-coupling of systems. The costs covered by the provision are expected to be incurred in the next two years.

Other provisions primarily relate to restructuring and are expected to be settled within 12 months.

The amount of provisions expected to be settled after more than 12 months is £12m (2019: £34m).

(b) Other liabilities

As at 31 December 2020, other liabilities totalled £6m (2019: £5m). The amount of other liabilities expected to be settled after more than 12 months is £2m (2019: £2m).

38. Financial instruments risk management

(a) Overview

The principal risks and uncertainties that affect the Group's business model and the Group's approach to risk management are set out in the Risk management section of the Strategic report.

The Group's exposure to financial instrument risk is derived from the financial instruments that it holds directly, the assets and liabilities of the unit linked funds of the life operations of the Group and the Group's defined benefit pension plans. In addition due to the nature of the business, the Group's secondary exposure extends to the impact on investment management and other fees that are determined on the basis of a percentage of AUM and are therefore impacted by financial risks borne by third party investors. In this note exposures and sensitivities provided relate to the financial instrument assets and liabilities, in scope of IFRS 7, to which the shareholder is directly exposed.

For the purposes of this note:

· Shareholder business refers to the assets and liabilities to which the shareholder is directly exposed. The shareholder refers to the equity holders of the Company and the preference shareholders.

· Unit linked funds refers to the assets and liabilities of the unit linked funds of the life operations of the Group. It does not include the cash flows (such as asset management charges or investment expenses) arising from the unit linked fund contracts. These cash flows are included in shareholder business.

· Third party interest in consolidated funds and non-controlling interests refers to the assets and liabilities recorded on the Group's consolidated statement of financial position which belong to third parties. The Group controls the entities which own the assets and liabilities but the Group does not own 100% of the equity or units of the relevant entities.

Unit linked funds are excluded from the analysis in this note. Details regarding the financial risks of instruments relating to the Group's unit linked funds can be found in Note 25 and the risks relating to the Group's principal defined benefit pension plan are explained in Note 34.

Third party interests in consolidated funds do not expose the shareholder to market, credit or liquidity risk since the financial risks from the assets and obligations are borne by third parties. As a result equity risk, interest rate risk and credit risk quantitative disclosures in this note exclude these assets.

Under IFRS 7 the following financial instruments are excluded from scope:

· Interests in subsidiaries, associates and joint ventures

· Rights and obligations arising from employee benefit plans

· Insurance contracts as defined by IFRS 4

· Share-based payment transactions

For the purposes of managing risks to the Group's financial instrument assets and liabilities, the Group considers the following categories:

Risk	Definition and exposure
Market	The risk of financial loss as a result of adverse financial market movements. The shareholder is directly exposed to the impact of movements in equity prices, interest rates and foreign exchange rates on the value of assets held by the shareholder business.
Credit	The risk of financial loss as a result of the failure of a counterparty, issuer or borrower to meet their obligations or perform them in a timely manner. The shareholder is directly exposed to credit risk from holding cash, debt securities, loans and derivative financial instruments.
Liquidity	The risk of financial loss as a result of being unable to settle financial obligations when they fall due, as a result of having insufficient liquid resources or being unable to realise investments and other assets other than at excessive costs. The shareholder is directly exposed to the liquidity risk from the shareholder business if it is unable to realise investments and other assets in order to settle its financial obligations when they fall due, or can do so only at excessive cost.

(b) Market risk

Market risk exposures in the Asset management, platforms and wealth segment primarily arise as a result of holdings in newly established investment vehicles which the Group has seeded and co-investments in property and infrastructure funds. Seed capital is classified as held for sale when it is the intention to dispose of the vehicle in a single transaction and within one year. Co-investments are typically held for a longer term and align the Group's economic interests with those of property, private equity and infrastructure fund co-investors. The consolidated statement of financial position includes the following amounts in respect of seed capital and co-investments.

		2020	2019
	Notes	£m	£m
Equity securities and interests in pooled investment funds at FVTPL		222	195
Debt securities		54	78
Assets held for sale	23	1	2
Total seed capital		277	275

Equity securities and interests in pooled investment funds at FVTPL		86	84
Total co-investments		86	84

The Group sets limits for investing in seed capital and co-investment activity and regularly monitors exposures arising from these investments. The Group will consider hedging its exposure to market risk in respect of seed capital investments where it is appropriate and efficient to do so. The Group will also consider hedging its exposure to currency risk in respect of co-investments where it is appropriate and efficient to do so. Other market risks associated with co-investments are not hedged given the need for the Group's economic interests to be aligned with those of the co-investors.

Market risk exposures in the Insurance associates and joint ventures segment primarily relates to our investment in HDFC Life.

(b)(i) Elements of market risk

The main elements of market risk to which the Group is exposed are equity risk, interest rate risk and foreign currency risk, which are discussed on the following pages.

Information on the methods used to determine fair values for each major category of financial instrument measured at fair value is presented in Note 40.

(b)(i)(i) Exposure to equity risk

The Group is exposed to the risk of adverse equity market movements which could result in losses. This applies to daily changes in the market values and returns on the holdings in its equity securities portfolio.

At 31 December 2020 the shareholder exposure to equity markets was £1,411m (2019: £199m) in relation to equity securities. This primarily relates to the Group's investment in HDFC Life of £1,216m (2019: £nil), seed capital investments of £109m (2019: £118m), and equity securities held by the Standard Life Foundation of £53m (2019: £48m).

The Group is also exposed to adverse market price movements on its interests in pooled investment funds. The shareholder exposure of £523m (2019: £458m) to pooled investment funds primarily relates to £199m (2019: £161m) of seed capital and co-investments, corporate funds held in absolute return funds of £223m (2019: £210m), investments in certain managed funds to hedge against liabilities from variable pay awards that are deferred and settled in cash by reference to the price of those funds of £58m (2019: £44m) and pooled investment funds held by the Standard Life Foundation of £36m (2019: £35m).

The Equities and interests in pooled investment funds at FVTPL included in the consolidated statement of financial position includes £46m (2019: £68m) of third party interest in consolidated funds to which the shareholder is not exposed.

Exposures to equity risk are primarily managed though the hedging of market risk in respect of seed capital investments where it is appropriate and efficient to do so. Additionally limits are imposed on the amount of seed capital and co-investment activity that may be undertaken. The Group does not hedge equity risk in relation to its investment in HDFC Life.

(b)(i)(ii) Exposure to interest rate risk

Interest rate risk is the risk that arises from exposures to changes in the shape and level of yield curves which could result in losses due to the value of financial assets and liabilities, or the cash flows relating to these, fluctuating by different amounts.

The main financial assets held by the Group which give rise to interest rate risk are debt securities and cash and cash equivalents. The Group is also exposed to interest rate risk on its investments in pooled investment funds where the underlying instruments are exposed to interest rate risk.

Interest rate exposures are managed in line with the Group's risk appetite.

(b)(i)(iii) Exposure to foreign currency risk

Foreign currency risk arises where adverse movements in currency exchange rates impact the value of revenues received from, and the value of assets and liabilities held in, currencies other than UK Sterling. The Group's financial assets are generally held in the local currency of its operational geographic locations. The Group generally does not hedge the currency exposure relating to revenue and expenditure, nor does it hedge translation of overseas profits in the income statement. Where appropriate, the Group may use derivative contracts to reduce or eliminate currency risk arising from individual transactions or seed capital and co-investment activity. The Group does not hedge foreign exchange risk in relation to its investment in HDFC Life.

The table below summarises the financial instrument exposure to foreign currency risks in UK Sterling.

		UK Sterling		Indian Rupee		Euro		US Dollar		Singapore Dollar		Other currencies		Total
		2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	Notes	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Financial assets	19	3,170	3,387	1,233	-	258	256	373	356	37	80	179	211	5,250	4,290
Financial liabilities	32	(1,025)	(1,246)	-	-	(60)	(57)	(750)	(718)	(23)	(19)	(47)	(52)	(1,905)	(2,092)
Cash flow hedges		(549)	(566)	-	-	-	-	549	566	-	-	-	-	-	-
Non- designated derivatives		297	266	-	-	(80)	(62)	(156)	(131)	(1)	-	(60)	(73)	-	-
		1,893	1,841	1,233	-	118	137	16	73	13	61	72	86	3,345	2,198

The Indian Rupee exposure primarily relates to the Group's investment in HDFC Life. Other currencies include assets of £10m (2019: £12m) and liabilities of £6m (2019: £nil) in relation to the fair value of derivatives used to manage currency risk.

On 18 October 2017, the Group issued US dollar subordinated notes with a principal amount of US$750m. The related cash flows expose the Group to foreign currency risk on the principal and coupons payable. The Group manages the foreign exchange risk with a cross-currency swap which is designated as a cash flow hedge.

Non-designated derivatives relate to foreign exchange forward contracts that are not designated as cash flow hedges or net investment hedges and primarily relate to the management of currency risk arising from seed capital and co-investment activity.

In addition to financial instruments analysed above, the principal source of foreign currency risk for shareholders arises from the Group's investments in overseas subsidiaries and associates and joint ventures accounted for using the equity method. The carrying value and, where listed, market value of the Group's Indian and Chinese associates and joint ventures are disclosed in Note 16. The Group does not hedge foreign currency risk in relation to these investments.

(b)(ii) Sensitivity of financial instruments to market risk analysis

The Group's profit after tax and equity are sensitive to variations in respect of the Group's market risk exposures and a sensitivity analysis is presented below. The analysis has been performed by calculating the sensitivity of profit after tax and equity to changes in equity security prices (equity risk), changes in interest rates (interest rate risk) and changes in foreign exchange rate (foreign currency risk) as at the reporting date applied to assets and liabilities other than those classified as held for sale, and after allowing for the Group's hedging strategy.

The variables used in the sensitivity analysis are considered reasonable assumptions and are consistent with market peers. Changes to variables are provided by internal specialists who determine what are reasonable assumptions.

Profit after tax and equity sensitivity to market risk

		31 December 2020		31 December 2019
		A reasonable change in the variable within the next calendar year	Increase/ (decrease) in post-tax profit	A reasonable change in the variable within the next calendar year	Increase/ (decrease) in post-tax profit
		%	£m	%	£m
Equity prices	Increase	10	146	10	40
	Decrease	10	(146)	10	(40)
Indian Rupee against US Dollar	Strengthen	10	136	-	-
	Weaken	10	(110)	-	-
US dollar against Sterling	Strengthen	10	11	10	11
	Weaken	10	(9)	10	(11)
Euro against Sterling	Strengthen	10	12	10	15
	Weaken	10	(9)	10	(15)

The equity prices and Indian Rupee sensitivities primarily relate to the Group's investment in HDFC Life which is held by an intermediate subsidiary which has a US Dollar functional currency.

The reasonable change in variables have no impact on any other components of equity. These sensitivities concern only the impact on financial instruments and exclude indirect impacts of the variable on fee income and certain costs which may be affected by the changes in market conditions.

Interest rate sensitivity to a reasonable change in the variable within the next calendar year are not material in both 2020 or 2019.

Limitations

The sensitivity of the Group's profit after tax and equity may be non-linear and larger or smaller impacts should not be derived from these results. The sensitivities provided illustrate the impact of a reasonably possible change in a single sensitivity factor, while the other sensitivity factors remain unchanged. Correlations between the different risks and/or other factors may mean that experience would differ from that expected if more than one risk event occurred simultaneously.

(c) Credit risk

Exposures to credit risk and concentrations of credit risk are managed by setting exposure limits for different types of financial instruments and counterparties. The limits are established using the following controls:

Financial instrument with credit risk exposure	Control
Cash and cash equivalents	Maximum counterparty exposure limits are set with reference to internal credit assessments.
Derivative financial instruments	Maximum counterparty exposure limits, net of collateral, are set with reference to internal credit assessments. The forms of collateral that may be accepted are also specified and minimum transfer amounts in respect of collateral transfers are documented.
Debt securities	The Group's policy is to set exposure limits by name of issuer, sector and credit rating.
Other financial instruments	Appropriate limits are set for other financial instruments to which the Group may have exposure at certain times.

Group Treasury perform central monitoring of exposures against limits and are responsible for the escalation of any limit breaches to the Chief Risk Officer.

Expected credit losses (ECL) are calculated on financial assets which are measured at amortised cost.

Financial assets attract an ECL allowance equal to either:

12 month ECL (losses resulting from possible default within the next 12 months)

- No significant increase in credit risk since initial recognition

- Trade receivables or contract assets with significant financing component, or lease receivables if lifetime ECL measurement has not been elected

Lifetime ECL (losses resulting from possible defaults over the remaining life of the financial asset)

- Significant increase in credit risk since initial recognition

- Trade receivables or contract assets with no significant financing component

- Trade receivables or contract assets with significant financing component, or lease receivables for which lifetime ECL measurement has been elected

Changes in Lifetime ECL

- Credit-impaired at initial recognition

In determining whether a default has taken place, or where there is an increased risk of a default, a number of factors are taken into account including a deterioration in the credit quality of a counterparty, the number of days that a payment is past due, and specific events which could impact a counterparty's ability to pay.

The Group assumes that a significant increase in credit risk has arisen when contractual payments are more than 30 days past due. The Group assumes that credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Financial instruments with an external rating of 'investment grade' are presumed to have low credit risk in the absence of evidence to the contrary. Investment grade financial instruments are financial assets with credit ratings assigned by external rating agencies with classification within the range of AAA to BBB. If a financial asset is not rated by an external agency it is classified as 'not rated'.

The Group applies the simplified approach, as permitted under IFRS 9, to calculate the ECL allowance for trade receivables, contract assets and lease receivables. Under the simplified approach, the ECL allowance is calculated over the remaining life of the asset, using a provision matrix approach based on historic observed default rates adjusted for knowledge of specific events which could influence loss rates. Historically, default levels have been insignificant. Trade debtors past due but not in default as at 31 December 2020 were £44m (2019: £45m) the majority of which were less than 90 days past due (2019: less than 90 days).

At 31 December 2020 the Group does not hold financial assets at amortised cost that it regards as credit-impaired (2019: £nil). In making this assessment the Group has considered if any evidence is available to indicate the occurrence of an event which would result in a detrimental impact on the estimated future cash flows of these assets.

(c)(i) Credit exposure

The following table presents an analysis of the credit quality of shareholder financial assets and the maximum exposure to credit risk without taking into account any collateral held:

					Amortised cost
	Fair value through profit or loss		Cash flow hedge		12 month ECL		Lifetime ECL - not credit impaired		Total
	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
AAA	-	-	-	-	151	100	-	-	151	100
AA+ to AA-	88	178	-	-	467	843	-	-	555	1,021
A+ to A-	631	485	-	3	1,088	1,146	-	-	1,719	1,634
BBB	61	54	-	-	117	120	-	-	178	174
BB	-	-	-	-	-	2	6	-	6	2
Not rated	31	25	-	-	255	187	352	372	638	584
Gross carrying amount	811	742	-	3	2,078	2,398	358	372	3,247	3,515
Loss allowance	-	-	-	-	-	-	-	-	-	-
Carrying amount	811	742	-	3	2,078	2,398	358	372	3,247	3,515

Derivative financial assets	18	16	-	3	-	-	-	-	18	19
Debt securities	763	725	-	-	320	602	5	-	1,088	1,327
Receivables and other financial assets	30	1	-	-	244	187	352	372	626	560
Cash and cash equivalents	-	-	-	-	1,514	1,609	1	-	1,515	1,609
Carrying amount	811	742	-	3	2,078	2,398	358	372	3,247	3,515

In the table above debt securities exclude debt securities relating to third party interests in consolidated funds of £24m (2019: £44m). Cash and cash equivalents exclude cash and cash equivalents relating to third party interests in consolidated funds of £7m (2019: £6m). Derivative financial assets exclude derivative financial assets relating to third party interests in consolidated funds of £nil (2019: £nil). Receivables and other financial assets exclude receivables and other financial assets relating to third party interests in consolidated funds of £nil (2019: £nil). The shareholder is not exposed to the credit risk in respect of third party interests in consolidated funds since the financial risk of the assets are borne by third parties.

(c)(ii) Collateral accepted and pledged in respect of financial instruments

Collateral in respect of bilateral over-the-counter (OTC) derivative financial instruments and bilateral repurchase agreements is accepted from and provided to certain market counterparties to mitigate counterparty risk in the event of default. The use of collateral in respect of these instruments is governed by formal bilateral agreements between the parties. For OTC derivatives the amount of collateral required by either party is determined by the daily bilateral OTC exposure calculations in accordance with these agreements and collateral is moved on a daily basis to ensure there is full collateralisation. Under the terms of these agreements, collateral is posted with the ownership captured under title transfer of the contract. With regard to either collateral pledged or accepted, the Group may request the return of, or be required to return, collateral to the extent it differs from that required under the daily bilateral OTC exposure calculations.

Where there is an event of default under the terms of the agreements, any collateral balances will be included in the close-out calculation of net counterparty exposure. At 31 December 2020, the Group had pledged £28m (2019: £18m) of cash and £nil (2019: £nil) of securities as collateral for derivative financial liabilities. At 31 December 2020, the Group had accepted £14m (2019: £21m) of cash and £120m (2019: £25m) of securities as collateral for derivatives financial assets and reverse repurchase agreements. None of the securities were sold or repledged at the year end.

(c)(iii) Offsetting financial assets and liabilities

Financial assets and liabilities are offset and the net amount reported on the consolidated statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Other than cash and cash equivalents disclosed in Note 24, the Group does not offset financial assets and liabilities on the consolidated statement of financial position, as there are no unconditional rights to set off. Consequently, the gross amount of other financial instruments presented on the consolidated statement of financial position is the net amount. The Group's bilateral OTC derivatives are all subject to an International Swaps and Derivative Association (ISDA) master agreement. ISDA master agreements and reverse repurchase agreements entered into by the Group are considered master netting agreements as they provide a right of set off that is enforceable only in the event of default, insolvency, or bankruptcy.

The Group does not hold any other financial instruments which are subject to master netting agreements or similar arrangements.

The following table presents the effect of master netting agreements and similar arrangements.

			Related amounts not offset on the consolidated statement of financial position
	Gross amounts of financial instruments as presented on the consolidated statement of financial position		Financial instruments		Financial collateral pledged/(received)		Net position
	2020	2019	2020	2019	2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m
Financial assets
Derivatives¹	11	13	(3)	(2)	(1)	(9)	7	2
Reverse repurchase agreements	120	25	-	-	(120)	(25)	-	-
Total financial assets	131	38	(3)	(2)	(121)	(34)	7	2
Financial liabilities
Derivatives¹	(11)	(2)	3	2	1	-	(7)	-
Total financial liabilities	(11)	(2)	3	2	1	-	(7)	-

¹ Only OTC derivatives subject to master netting agreements have been included above.

(d) Liquidity risk

The shareholder is exposed to liquidity risk if the Group is unable to realise investments and other assets in order to settle its financial obligations when they fall due, or can do so only at excessive cost. The following quantitative liquidity risk disclosures are provided in respect of these financial liabilities.

The Group has a liquidity risk framework and processes in place for monitoring, assessing, and controlling liquidity risk.

This framework ensures that liquidity risks are identified and also identifies which entities in the Group have this exposure. Stress testing of these risks is performed to understand the quantum of risk under stress conditions. This then informs the level of liquid resources that need to be maintained. Where appropriate, this is enhanced with external credit facilities and the Group has a syndicated revolving credit facility of £400m which was undrawn at 31 December 2020.

The level of liquid resources in the Group is also projected under a number of adverse scenarios. These are described more fully in the Viability Statement.

Contingency funding plans are also maintained to ensure that if liquidity risk did materialise, processes and procedures are already in place to assist with resolving the issue. Regular monitoring of liquid assets is performed and projections undertaken (under both base and stressed conditions) to understand the outlook.

As a result of the policies and processes established to manage risk, the Group expects to be able to manage liquidity risk on an ongoing basis. We recognise there are a number of scenarios that can impact the liquid resources of a business as discussed in the Risk management section of the Strategic report.

(d)(i) Maturity analysis

The analysis that follows presents the undiscounted cash flows payable by remaining contractual maturity at the reporting date for all financial liabilities, other than those related to unit linked funds which are discussed in Note 25.

	Within 1 year		1-5 years		5-10 years		10-15 years		15-20 years		Greater than 20 years		Total
	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Subordinated liabilities	28	29	113	116	629	676	22	25	22	25	101	107	915	978
Other financial liabilities	963	1,124	108	107	101	102	44	57	10	14	-	-	1,226	1,404
Total	991	1,153	221	223	730	778	66	82	32	39	101	107	2,141	2,382

Refer Note 20 for the maturity profile of undiscounted cash flows of derivative financial instruments.

The Group also had unrecognised commitments in respect of financial instruments as at 31 December 2020 with a contractual maturity of within one year, between one and five years and over five years of £7m, £22m and £7m respectively (2019: £2m, £39m and £6m).

39. Structured entities

A structured entity is an entity that is structured in such a way that voting or similar rights are not the dominant factor in deciding who controls the entity. The Group has interests in structured entities through investments in a range of investment vehicles including:

· Pooled investment funds managed internally and externally, including OEICs, SICAVs, unit trusts and limited partnerships

· Debt securitisation vehicles which issue asset-backed securities

The Group consolidates structured entities which it controls. Where the Group has an investment in, but not control over these types of entities, the investment is classified as an investment in associate when the Group has significant influence. Investments in associates at FVTPL are included in equity securities and pooled investment funds in the analysis of financial investments.

The Group also has interests in structured entities through asset management fees and other fees received from these entities.

(a) Consolidated structured entities

As at 31 December 2020 and 31 December 2019, the Group has not provided any non-contractual financial or other support to any consolidated structured entity and there are no current intentions to do so.

(b) Unconsolidated structured entities

As at 31 December 2020 and 31 December 2019, the Group has not provided any non-contractual financial or other support to any unconsolidated structured entities and there are no current intentions to do so.

The following table shows the carrying value of the Group's interests in unconsolidated structured entities by line item in the consolidated statement of financial position.

	2020	2019
	£m	£m
Financial investments
Equity securities and interests in pooled investment funds	1,003	917
Debt securities	40	12
Total financial investments	1,043	929
Receivables and other financial assets	234	221
Other financial liabilities	128	129

(b)(i) Investments in unconsolidated structured entities

Equity securities and interests in pooled investment funds includes £729m (2019: £650m) of unconsolidated structured entities which are managed by the Group and in which the Group has a direct investment. At 31 December 2020 the asset value of these unconsolidated structured entities is £78,499m (2019: £22,795m). The total fees recognised in respect of these assets under management during the year to 31 December 2020 were £356m (2019: £137m).

The total issuance balance relating to unconsolidated structured debt securitisation vehicles in which the Group has an investment is £2,857m (2019: £1,000m).

The Group's maximum exposure to loss in respect of its investments in unconsolidated structured entities is the carrying value of the Group's investment and, where the structured entity is managed by the Group, loss of future fees. As noted in Note 38, the shareholder is not exposed to market or credit risk in respect of investments held in the unit linked funds, and third party interest in consolidated funds and non-controlling interests risk segments.

Additional information on how the Group manages its exposure to risk can be found in Note 38.

(b)(ii) Other interests in unconsolidated structured entities

For those structured entities which the Group receives asset management or other fees from but has no direct investment, the maximum exposure to loss is loss of future fees.

Total assets under management of structured entities in which the Group has no direct investments but has other interests in are £58,110m at 31 December 2020 (2019: £102,558m). The fees recognised in respect of these assets under management during the year to 31 December 2020 were £269m (2019: £581m).

40. Fair value of assets and liabilities

The Group uses fair value to measure many of its assets and liabilities. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable willing parties in an arm's length transaction.

An analysis of the Group's financial assets and financial liabilities in accordance with the categories of financial instrument set out in IFRS 9 Financial Instruments is presented in Notes 19, 25 and 32 and includes those financial assets and liabilities held at fair value.

(a) Fair value hierarchy

In determining fair value, the following fair value hierarchy categorisation has been used:

· Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market exists where transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

· Level 2: Fair values measured using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

· Level 3: Fair values measured using inputs that are not based on observable market data (unobservable inputs)

Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled investment funds, debt securities and derivatives measured at fair value is given below:

	Equities and interests in pooled investment funds^1,2	Debt securities	Derivatives³
Level 1	Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange.	Debt securities listed on a recognised exchange valued using prices sourced from their primary exchange.	Exchange traded derivatives valued using prices sourced from the relevant exchange.
Level 2	Pooled investment funds where daily unit prices are available and reference is made to observable market data.	Debt securities valued using prices received from external pricing providers based on quotes received from a number of market participants. Debt securities valued using models and standard valuation formulas based on observable market data⁴.	Over-the-counter derivatives measured using a range of valuation models including discounting future cash flows and option valuation techniques.
Level 3	These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, these valuations are reviewed and, where appropriate, adjustments are made to reflect the impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued at indicative share prices from off market transactions.	Debt securities valued using prices received from external pricing providers based on a single broker indicative quote. Debt securities valued using models and standard valuation formulas based on unobservable market data⁴.	N/A

¹ Investments in associates at FVTPL are valued in the same manner as the Group's equity securities and interests in pooled investment funds.

² Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, the costs to sell are assumed to be negligible. The fair value of pooled investment funds held for sale is calculated as equal to the observable unit price.

³ Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in line with the Group's risk management policies. At 31 December 2020 and 31 December 2019, the residual credit risk is considered immaterial and no credit risk adjustment has been made.

⁴ If prices are not available from the external pricing providers or are considered to be stale, the Group has established procedures to arrive at an internal assessment of the fair value.

The fair value of liabilities in respect of third party interest in consolidated funds and non-participating investment contracts are calculated equal to the fair value of the underlying assets and liabilities.

Thus, the value of these liabilities is dependent on the methods and assumptions set out above in relation to the underlying assets and liabilities:

· For third party interest in consolidated funds, when the underlying assets and liabilities are valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 2. Where the underlying assets and liabilities are not valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 3.

· For non-participating investment contracts, the underlying assets and liabilities are predominately categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities are observable and these liabilities are predominately categorised within level 2 of the fair value hierarchy. Where the underlying assets are categorised as level 3, the liabilities are also categorised as level 3.

In addition, contingent consideration assets and contingent consideration liabilities are also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and liabilities have been recognised in respect of acquisitions and disposals. Generally valuations are based on unobservable assumptions regarding the probability weighted cash flows and, where relevant, discount rate.

This includes the contingent consideration relating to the terms of the sale of SLAL to Phoenix in August 2018. The terms include a number of indemnities that give rise to contingent consideration. The matters that had the most significant impact on the fair value of this contingent consideration at 31 December 2020 related to the annuity sales practices indemnity, and related tax, and the resolution of other legacy matters which were previously under dispute. The valuation of these elements of the contingent consideration at 31 December 2020 was based on the amount expected to be received from Phoenix. This was in line with the £34m received in February 2021, refer Note 47.

(a)(i) Fair value hierarchy for assets measured at fair value in the statement of financial position

The table below presents the Group's non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 25 for fair value analysis in relation to assets backing unit linked liabilities).

							Fair value hierarchy
	As recognised in the consolidated statement of financial position line item		Classified as held for sale		Total		Level 1		Level 2		Level 3
	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Owner occupied property	1	2	-	-	1	2	-	-	-	-	1	2
Derivative financial assets	18	19	-	-	18	19	-	-	18	19	-	-
Equity securities and interests in pooled investment vehicles	1,980	725	1	2	1,981	727	1,422	609	458	36	101	82
Debt securities	787	769	-	14	787	783	2	57	784	725	1	1
Contingent consideration asset	28	1	-	-	28	1	-	-	-	-	28	1
Total assets at fair value	2,814	1,516	1	16	2,815	1,532	1,424	666	1,260	780	131	86

Transfers from level 1 to level 2 and from level 2 to level 1 during the year ended 31 December 2020 were £355m (2019: £7m) and £7m (2019: £6m) respectively. Transfers from level 1 to level 2 in the period primarily relate to interests in pooled investment vehicles which are priced daily but where the daily price is only offered by the fund manager. The Group now considers these investments to be level 2. All other transfers relate to assets where changes in the frequency of observable market transactions resulted in a change in whether the market was considered active. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose.

Refer Note 40(a)(iii) for details of movements in level 3.

(a)(ii) Fair value hierarchy for liabilities measured at fair value in the statement of financial position

The table below presents the Group's non-unit linked liabilities measured at fair value by level of the fair value hierarchy.

							Fair value hierarchy
	As recognised in the consolidated statement of financial position line item		Classified as held for sale		Total		Level 1		Level 2		Level 3
	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Liabilities in respect of third party interest in consolidated funds	77	119	-	-	77	119	-	-	77	119	-	-
Derivative financial liabilities	13	3	-	-	13	3	2	1	11	2	-	-
Contingent consideration liabilities	6	14	-	-	6	14	-	-	-	-	6	14
Total liabilities at fair value	96	136	-	-	96	136	2	1	88	121	6	14

There were no significant transfers between levels 1 and 2 during the year (2019: none). Refer Note 40(a)(iii) for details of movements in level 3.

(a)(iii) Reconciliation of movements in level 3 instruments

The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below.

	Owner occupied property		Equity securities and interests in pooled investment funds		Debt securities
	2020	2019	2020	2019	2020	2019
	£m	£m	£m	£m	£m	£m
At 1 January	2	2	82	59	1	1
Total gains/(losses) recognised in the consolidated income statement	-	-	2	2	-	-
Purchases	-	-	29	23	-	-
Sales and other adjustments	(1)	-	(13)	(8)	-	-
Transfers in to level 3¹	-	-	1	6	-	-
At 31 December	1	2	101	82	1	1

¹ Transfers are deemed to have occurred at the end of the calendar quarter in which they arose.

	Contingent consideration asset		Contingent consideration liabilities
	2020	2019	2020	2019
	£m	£m	£m	£m
At start of period	1	8	(14)	(29)
Total amounts recognised in the income statement	(12)	56	2	5
Additions	-	-	-	(8)
Settlements	39	(63)	6	18
At end of period	28	1	(6)	(14)

For the year ended 31 December 2020 losses of £13m (2019: gains of £56m) were recognised in the consolidated income statement in respect of assets and liabilities held at fair value classified as level 3 at the period end, excluding assets and liabilities held for sale. Of this amount gains of £nil (2019: losses of £1m) were recognised in other income, gains of £2m (2019: gains of £1m) were recognised in investment return and losses of £15m (2019: gains of £56m) were recognised in respect of discontinued operations.

Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become available from external pricing providers.

(a)(iv) Significant unobservable inputs in level 3 instrument valuations

The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at 31 December 2020 with a fair value of £101m (2019: £82m).

	Fair value
	2020 £m	2019 £m	Valuation technique	Unobservable input	Range (weighted average)
Private equity, real estate and infrastructure funds	85	65	Net asset value	Net asset value statements provided for six significant funds (fair value >£5m) and a large number of smaller funds	A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period
Other unlisted equity securities	16	17	Indicative share price	Recent off market capital raising transactions	A range of unobservable inputs is not applicable as we have determined that the indicative share price from off market transactions represents fair value at the end of the reporting period

The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities categorised as level 3 instruments at 31 December 2020 with a fair value of £22m (2019: (£13m)).

	Fair value
	£m	Valuation technique	Unobservable input	Input used
2020 Contingent consideration assets and liabilities	22	Probability weighted cash flows	Unobservable inputs relate to probability weighted cash flows; and where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration related to the sale of SLAL to Phoenix.	Amount expected to be received from Phoenix at 31 December 2020. This was in line with the £34m received in February 2021, refer Note 47. The residual fair value relates to a number of smaller contingent consideration liabilities for which the input used is expected payments based on earn-out terms and indemnity assessments.
2019 Contingent consideration assets and liabilities	(13)	Probability weighted cash flows and where applicable discount rates	Unobservable inputs relate to probability weighted cash flows; and where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration related to the sale of SLAL to Phoenix, in particular those related to:
			- SLAL's annuity sales practices provision	Expected amount required to cover the redress due to customers compared to SLAL's provision at 31 December 2017
			- Future lapse rates on relevant UK unit linked products of SLAL	Statistical distribution used in the Group's Solvency II internal model at 31 December 2017
			- Management's assessment of the outcome of ongoing discussions with Phoenix in respect of disagreements over the operation of certain aspects of the governing contracts that were entered into at the time of the sale of SLAL to Phoenix	Our assessment of the expected resolution taking into account our legal advice

(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions

At 31 December 2020 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. Changing unobservable inputs in the measurement of the fair value of these level 3 financial assets and financial liabilities to reasonably possible alternative assumptions would not have a significant impact on profit attributable to equity holders or on total assets. No level 3 instruments are held in in consolidated structured entities. See Note 25 for unit linked level 3 instruments.

(b) Assets and liabilities not carried at fair value

The table below presents estimated fair values by level of the fair value hierarchy of non-unit linked financial assets and liabilities whose carrying value does not approximate fair value. Fair values of assets and liabilities are based on observable market inputs where available, or are estimated using other valuation techniques.

		As recognised in the consolidated statement of financial position line item		Fair value		Level 1		Level 2		Level 3
		2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	Notes	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Assets
Debt securities		325	602	335	614	-	23	335	591	-	-
Liabilities
Subordinated liabilities	33	638	655	688	688	-	-	688	688	-	-

The estimated fair values for subordinated liabilities are based on the quoted market offer price.

The carrying value of all other financial assets and liabilities measured at amortised cost approximates their fair value.

41. Statement of cash flows

The Group classifies cash flows in the consolidated statement of cash flows as arising from operating, investing or financing activities.

Cash flows are classified based on the nature of the activity to which they relate and with consideration to generally accepted presentation adopted by peers. For activities related to asset management business, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds, with the exception of those related to unit linked funds, are classified as cash flows arising from investing activities. For activities related to insurance business, including those related to unit linked funds, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds are classified as cash flows arising from operating activities.

For activities related to the acquisition and disposal of subsidiaries, associates and joint ventures, cash flows are classified as investing activities. The settlement of contingent and deferred amounts recognised on acquisitions and disposals are classified as investing activities where there is not considered to be a significant financing component of the related inflows or outflows.

Purchases and sales of financial investments are presented on a gross basis except for purchases and sales of short-term instruments held in consolidated liquidity funds which are presented on a net basis.

Dividends received from associates and joint ventures are presented as cash flows arising from operating activities.

The tables below provide further analysis of the balances in the statement of cash flows.

(a) Change in operating assets

	2020	2019
	£m	£m
Equity securities and interests in pooled investment funds	23	135
Debt securities	9	(55)
Derivative financial instruments	(12)	(12)
Receivables and other financial assets and other assets	46	227
Assets held for sale	751	(137)
Change in operating assets	817	158

(b) Change in operating liabilities

	2020	2019
	£m	£m
Other financial liabilities, provisions and other liabilities	(122)	(230)
Pension and other post-retirement benefit provisions	(30)	(60)
Deferred income	6	(8)
Investment contract liabilities	(110)	(316)
Change in liability for third party interest in consolidated funds	1	197
Liabilities held for sale	(736)	126
Change in operating liabilities	(991)	(291)

	2020	2019
	£m	£m
Gain on sale of subsidiaries	(8)	-
Profit on disposal of associates	(1,858)	(1,542)
Depreciation of property, plant and equipment	46	47
Amortisation of intangible assets	152	184
Impairment losses on intangible assets	1,064	1,571
(Reversal of)/loss on impairment of associates	45	(243)
Impairment losses recognised on property, plant and equipment	2	16
Impairment losses on disposal group held for sale	1	-
Movement in contingent consideration asset/liability	10	(61)
Equity settled share-based payments	64	43
Finance costs	30	36
Share of profit from associates and joint ventures accounted for using the equity method	(194)	(79)
Other non-cash and non-operating items	(646)	(28)

d) Disposal of subsidiaries: SL Asia

		2020
	Notes	£m
Equity securities and interests in pooled investment funds		711
Other assets of operations disposed of		74
Non-participating insurance contract liabilities		(689)
Non-participating investment contract liabilities		(52)
Other liabilities of operations disposed of		(25)
Net assets disposed of		19
Items transferred to profit or loss on disposal of subsidiaries	1	(8)
Gain on sale	1	8
Total cash consideration		19
Cash and cash equivalents disposed of		(27)
Cash outflow from disposal of subsidiary	1	(8)

There were no operations disposed of in the year ended 31 December 2019.

(e) Movement in subordinated liabilities

The following table reconciles the movement in subordinated liabilities in the year, split between cash and non-cash items.

	2020	2019
	£m	£m
Opening balance carried forward	655	1,081
Effect of change in accounting policy to IFRS 9¹	-	5
Opening balance at 1 January	655	1,086

Cash flows from financing activities
Repayment of subordinated liabilities	(100)	(455)
Dividend paid²	(2)	-
Interest paid	(30)	(39)
Cash flows from financing activities	(132)	(494)
Non-cash items
Amounts reclassified from equity	102	-
Interest expense	30	35
Transfer to profit or loss on redemption of subordinated liabilities	-	47
Foreign exchange adjustment	(17)	(19)
At 31 December	638	655

¹ The Group has initially applied IFRS 9 at 1 January 2019. Under the transition method chosen, comparative information is not restated.

² Dividends of £2m were paid as part of the redemption of the preference shares on 8 July 2020 subsequent to the reclassification of the preference shares as subordinated liabilities (Refer Note 30).

(f) Movement in lease liabilities

The following table reconciles the movement in lease liabilities in the year, split between cash and non-cash items.

	2020	2019
	£m	£m
Opening balance carried forward	268	-
Effect of change in accounting policy to IFRS 16¹	-	227
Opening balance at 1 January	268	227

Cash flows from financing activities
Payment of lease liabilities	(35)	(32)
Cash flows from financing activities	(35)	(32)
Non-cash items
Reclassified as held for sale during the year	(7)	-
Additions	19	74
Disposals	(2)	(5)
Interest capitalised	6	7
Foreign exchange adjustment	-	(3)
At 31 December	249	268

¹ The Group has initially applied IFRS 16 at 1 January 2019. Under the transition method chosen, comparative information is not restated.

42. Contingent liabilities and contingent assets

Contingent liabilities are possible obligations of the Group of which timing and amount are subject to significant uncertainty. Contingent liabilities are not recognised on the consolidated statement of financial position but are disclosed, unless they are considered remote. If such an obligation becomes probable and the amount can be measured reliably it is no longer considered contingent and is recognised as a liability.

Conversely, contingent assets are possible benefits to the Group. Contingent assets are only disclosed if it is probable that the Group will receive the benefit. If such a benefit becomes virtually certain it is no longer considered contingent and is recognised as an asset.

Legal proceedings, complaints and regulations

The Group is subject to regulation in all of the territories in which it operates insurance and investment businesses. In the UK, where the Group primarily operates, the FCA has broad powers, including powers to investigate marketing and sales practices.

The Group, like other financial organisations, is subject to legal proceedings, complaints and regulatory discussions, reviews and challenges in the normal course of its business. All such material matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the Group incurring a liability. Where it is concluded that it is more likely than not that a material outflow will be made a provision is established based on management's best estimate of the amount that will be payable. In some cases it will not be possible to form a view, for example because the facts are unclear or because further time is needed to properly investigate, and no provisions are held for such matters. It is not possible to predict with certainty the extent and timing of the financial impact of legal proceedings, complaints and related regulatory matters.

43. Commitments

The Group has contractual commitments in respect of expenditure on investment property, funding arrangements and leases which will be payable in future periods. These commitments are not recognised on the Group's statement of financial position at the year end but are disclosed to give an indication of the Group's future committed cash flows.

(a) Unrecognised financial instruments

As at 31 December 2020, the Group has committed to investing an additional £35m (2019: £46m) into funds in which it holds a co-investment interest.

(b) Capital commitments

As at 31 December 2020, the Group has capital commitments other than in relation to financial instruments of £7m (2019: £nil).

44. Employee share-based payments and deferred fund awards

The Group operates share incentive plans for its employees. These generally take the form of an award of options, conditional awards or restricted shares in Standard Life Aberdeen plc (equity-settled share-based payments) but can also take the form of a cash award based on the share price of Standard Life Aberdeen plc (cash-settled share-based payments). The Group also incentivises certain employees through the award of units in Group managed funds (deferred fund awards) which are cash-settled. All the Group's incentive plans have conditions attached before the employee becomes entitled to the award. These can be performance and/or service conditions (vesting conditions) or the requirement of employees to save in the save-as-you-earn scheme (non-vesting condition). The period over which all vesting conditions are satisfied is the vesting period and the awards vest at the end of this period.

For all share-based payments services received for the incentive granted are measured at fair value.

For equity-settled share-based payment transactions, the fair value of services received is measured by reference to the fair value of the equity instruments at the grant date. The fair value of the number of instruments expected to vest is charged to the income statement over the vesting period with a corresponding credit to the equity compensation reserve in equity.

At each period end the Group reassesses the number of equity instruments expected to vest and recognises any difference between the revised and original estimate in the consolidated income statement with a corresponding adjustment to the equity compensation reserve.

At the time the equity instruments vest, the amount recognised in the equity compensation reserve in respect of those equity instruments is transferred to retained earnings.

For cash-settled share-based payment and deferred fund awards transactions, services received are measured at the fair value of the liability. The fair value of the liability is remeasured at each reporting date and any changes in fair value are recognised in the consolidated income statement.

The following plans made awards during the year ended 31 December 2020:

Plan	Options	Conditional awards	Restricted shares	Typical vesting period (years)	Contractual life for options	Recipients	Conditions which must be met prior to vesting
Standard Life Aberdeen plc Deferred Share Plan/ Discretionary Share Plan¹	Yes	Yes	No	1-3 years (3-5 years for EIP awards)	Up to 10 years from date of grant	Executives and senior management	Service, or service and performance conditions. These can be tailored to the individual award.
Sharesave (Save-as-you-earn)	Yes	No	No	3 or 5	Up to six months after vesting	UK and Irish employees	Service only
Share incentive plan	No	No	Yes	3 (2 for Ireland)	Not applicable	UK and Irish employees	Service only

¹ Included in Deferred and discretionary share plans in Section (b)(i) below.

All of the awards made under these plans are equity-settled except for a small number of cash-settled awards for the deferred and discretionary share plans 2020 (see Section (d)(ii) below).

The fair value of awards granted under the Group's incentive schemes is determined using a relevant valuation technique, such as the Black Scholes option pricing model.

The awards made under the deferred and discretionary share plans include awards for deferred bonuses of the prior year. With the exception of the Executive Incentive Plan (EIP) awards, the deferred bonus awards have service conditions of one, two and three years after the date of the award and no outstanding performance conditions. The awards for deferred bonus for executive Directors in 2020 were made under the conditions of the EIP including a performance underpin.

The awards made under the deferred and discretionary share plans also include the awards under the 2020 LTIP for executive Directors and awards to senior management with specific performance conditions.

Further details of the EIP and the 2020 LTIP are set out in the Directors' remuneration report.

The deferred and discretionary share plans also made a number of deferred fund awards in the year end 31 December 2020 (see Section (d)(i) below).

Options and conditional awards are all at nil cost with the exception of Sharesave where eligible employees in the UK and Ireland save a monthly amount from their salaries, over either a three or five year period, which can be used to purchase shares in the Company at a predetermined price.

The share incentive plan allows employees the opportunity to buy up to £1,800 of shares from their salary each year with the Group matching up to £600 per year. The matching shares awarded are granted each month but are restricted for three years (two years for Ireland).

In addition, the Group operates the following plans for which there are outstanding awards but for which no awards were made during the year ended 31 December 2020:

Plan	Options	Conditional awards	Restricted shares	Typical vesting period (years)	Contractual life for options	Recipients	Conditions which must be met prior to vesting
Standard Life Long-Term Incentive Plan	Yes	No	No	3 (5 for executive Directors)	Up to six months after vesting	Executives and senior management	Service and performance conditions as set out in the Directors' remuneration report
Standard Life Investments Long-Term Incentive Plan	Yes	No	No	3	Up to six months after vesting	Executives and senior management	Service and performance conditions
Standard Life Restricted stock plan (RSP)	Yes	No	No	1-3	Up to six months after vesting	Executives (other than executive Directors) and senior management	Service, or service and performance conditions. These are tailored to the individual award.
Standard Life Group Short-term incentive plan¹	Yes	No	No	3	Up to six months after vesting	Executives and senior management	Service only. There are no outstanding performance conditions at date of grant.
Aberdeen Asset Management Deferred Share Plan 2009¹	Yes	No	No	1-3 (3-5 for executive management)	Up to 10 years from date of grant	Executives and senior management	Service only. There are no outstanding performance conditions at date of grant.
Aberdeen Asset Management USA Deferred Share Award Plan	No	Yes	No	1-3 (3-5 for executive management)	Not applicable	US based executives and senior management	Service only. There are no outstanding performance conditions at date of grant.

¹ Included in Annual bonus deferred share options Section (b)(i) below.

(a) Employee share-based payments and deferred fund awards expense

The amounts recognised as an expense for equity-settled share-based payment transactions and deferred fund awards with employees are as follows:

	2020	2019
	£m	£m
Share options and share awards granted under deferred and discretionary share plans¹	61	36
Share options granted under long-term incentive plans	-	4
Share options granted under Sharesave	2	2
Matching shares granted under share incentive plans	1	1
Equity-settled share-based payments	64	43
Cash-settled deferred fund awards	29	10
Total expense	93	53

¹ Includes expense for annual bonus deferred share options and conditional awards.

Included in the expense above is £27m (2019: £19m) of share-based payment expenses which are included in restructuring and corporate transaction expenses in the consolidated income statement.

(b) Options and conditional awards granted

(b)(i) Deferred and discretionary share plans

The number and remaining contractual life for options outstanding and the share price at exercise of options exercised during the year are as follows:

	2020		2019
	Deferred and discretionary share plans	Annual bonus deferred share options	Deferred and discretionary share plans	Annual bonus deferred share options
Outstanding at 1 January	22,956,158	15,469,459	-	26,220,720
Granted	27,486,468	-	23,636,874	-
Forfeited	(3,134,233)	(113,150)	(257,360)	(651,976)
Exercised	(1,231,007)	(4,685,978)	(423,356)	(10,099,285)
Expired	-	-	-	-
Outstanding at 31 December	46,077,386	10,670,331	22,956,158	15,469,459
Exercisable at 31 December	973,894	8,109,711	35,295	10,357,995
Remaining contractual life of options outstanding (years)¹	8.85	5.28	9.29	5.99
Options exercised during the year
Share price at time of exercise¹	232p	268p	275p	271p

¹ Weighted average.

The options granted under the deferred and discretionary share plans were made throughout the year ended 31 December 2020 with a main grant date of 9 April 2020 and had a £nil exercise price. The weighted average option term was 2.31 years. The weighted average share price at grant date was 234p which was also the weighted average fair value at grant date. The options include an entitlement to the receipt of dividends in respect of awards that ultimately vest between the date of grant and the vesting date.

In addition to nil costs options, 3,858,367 nil cost conditional awards were also granted under the deferred and discretionary share plans (2019: 4,283,186) with a weighted average share price at grant date was 230p which was also the weighted average fair value at grant date.

(b)(ii) Standard Life/Standard Life Investments Long-term incentive plans

The number and remaining contractual life for options outstanding and the share price at exercise of options exercised during the year are as follows:

	2020		2019
	Long-term incentive plans (excluding RSP)	RSP	Long-term incentive plans (excluding RSP)	RSP
Outstanding at 1 January	36,411,803	1,997,896	55,702,777	6,562,186
Granted	-	-	-	-
Forfeited	(19,454,369)	(827,383)	(18,310,221)	(1,693,033)
Exercised	(754,907)	(901,616)	(952,703)	(2,855,702)
Expired	-	-	(28,050)	(15,555)
Outstanding at 31 December	16,202,527	268,897	36,411,803	1,997,896
Exercisable at 31 December	-	-	-	89,798
Remaining contractual life of options outstanding (years)¹	0.92	0.75	1.22	1.17
Options exercised during the year
Share price at time of exercise¹	237p	265p	268p	252p

¹ Weighted average.

(b)(iii) Sharesave

The number, exercise price and remaining contractual life for options outstanding and the share price at exercise of options exercised during the year are as follows:

	2020		2019
	Sharesave	Weighted average exercise price for Sharesave	Sharesave	Weighted average exercise price for Sharesave
Outstanding at 1 January	7,870,064	227p	9,260,389	292p
Granted	3,449,144	189p	5,473,382	199p
Forfeited	(159,189)	234p	-	-
Exercised	(149,911)	273p	(353,534)	282p
Expired	(333,555)	272p	-	-
Cancelled	(1,941,634)	225p	(6,510,173)	294p
Outstanding at 31 December	8,734,919	210p	7,870,064	227p
Exercisable at 31 December	225,676	341p	426,840	285p
Remaining contractual life of options outstanding (years)¹	2.98		3.29
Options exercised during the year
Share price at time of exercise¹	296p		305p

¹ Weighted average.

The Sharesave options were granted on 14 October 2020 with an exercise price of 189p. The weighted average option term was 3.64 years. The weighted average share price at grant date was 247p and the weighted average fair value at grant date was 44p. Sharesave options have no dividend entitlement. In determining the fair value of options granted under the Sharesave scheme the historic volatility of the share price over a period of up to five years and a risk free rate determined by reference to swap rates was also considered.

The following table shows the range of exercise prices of Sharesave options outstanding at 31 December 2020.

	2020	2019
	Number of options outstanding	Number of options outstanding
189p-199p	7,346,548	5,442,217
200p-327p	873,002	1,711,180
328p-345p	515,369	716,667
Outstanding at 31 December	8,734,919	7,870,064

During the year ended 31 December 2020, 371,274 matching shares were granted under the share incentive plan (2019: 348,161). The weighted average share price at grant date was 254p which was also the weighted average fair value at grant date. The plans include the entitlement to the receipt of dividends in respect of awards that ultimately vest between the date of grant and the vesting date.

(d) Deferred fund awards and cash settled share based payments

(d)(i) Deferred fund awards

At 31 December 2020, the liability recognised for cash-settled deferred fund awards was £61m (2019: £46m).

(d)(ii) Cash settled share based payments

At 31 December 2020, the liability recognised for cash-settled share based payments was £nil (2019: £nil).

45. Related party transactions

(a) Transactions and balances with related parties

In the normal course of business, the Group enters into transactions with related parties that relate to insurance and asset management business.

During the year, the Group recognised management fees from Group managed non-consolidated investment vehicles. These fees are disclosed in Note 39. It also recognised management fees of £4m (2019: £4m) from the Group's defined benefit pension plans.

In the year ended 31 December 2020, for associates accounted for using the equity method, the Group recognised sales primarily in relation to management fees of £195m (2019: £200m¹) and purchases in relation to services received of £79m (2019: £49m). Management fees include sales where the selection of the Group as the asset manager is made by the underlying policyholder.

In the year ended 31 December 2020 there were sales to joint ventures of £10m (2019: £1m) and purchases from joint ventures of £nil (2019: £1m).

In addition to these transactions between the Group and related parties during the year, in the normal course of business the Group made a number of investments into/divestments from investment vehicles managed by the Group including investment vehicles which are classified as investments in associates measured at FVTPL. Group entities paid amounts for the issue of shares or units and received amounts for the cancellation of shares or units.

¹ 2019 comparative restated to include sales where the selection of the Group as the asset manager is made by the underlying policyholder.

The Group had balances due from associates accounted for using the equity method of £65m (2019: £55m), balances due to associates accounted for using the equity method of £43m (2019: £22m), £1m due from joint ventures (2019: £nil) and no amounts due to joint ventures (2019: £nil) as at 31 December 2020. The Group's defined benefit pension plans have assets of £965m (2019: £1,154m) invested in investment vehicles managed by the Group.

Note 47 (b) sets out Events after the reporting date relating to Phoenix.

Details of the sale of a subsidiary to a joint venture business are included in Note 1.

In 2020, the Group committed to providing £12m of additional funding to a joint venture subject to the fulfilment of specified conditions (2019: £nil).

(b) Compensation of key management personnel

In 2020, key management personnel includes Directors of Standard Life Aberdeen plc (since appointment) and the members of the executive leadership team (since appointment).

On 24 May 2019 the executive leadership team replaced the executive committee. For 2019 key management personnel therefore included Directors of Standard Life Aberdeen plc (since appointment) and the executive committee (since appointment) for the period from 1 January 2019 until 23 May 2019 and from 24 May 2019 included Directors of Standard Life Aberdeen plc (since appointment) and the members of the executive leadership team (since appointment).

The summary of compensation of key management personnel is as follows:

	2020	2019
	£m	£m
Salaries and other short-term employee benefits	9	8
Post-employment benefits	-	-
Share-based payments and deferred fund awards	12	7
Termination benefits	1	1
Total compensation of key management personnel	22	16

(c) Transactions with key management personnel and their close family members

Certain members of key management personnel hold investments in investments products which are managed by the Group. None of the amounts concerned are material in the context of funds managed by the Group. All transactions between key management and their close family members and the Group during the year are on terms which are equivalent to those available to all employees of the Group.

46. Capital management

(a) Capital and risk management policies and objectives

Managing capital is the ongoing process of determining and maintaining the quantity and quality of capital appropriate for the Group and ensuring capital is deployed in a manner consistent with the expectations of our stakeholders. For these purposes, the Board considers our key stakeholders to be our clients, the providers of capital (our equity holders and holders of our subordinated liabilities) and the Financial Conduct Authority (FCA) as the lead prudential supervisor for the Group.

There are two primary objectives of capital management within the Group. The first objective is to ensure that capital is, and will continue to be, adequate to maintain the required level of financial stability of the Group and hence to provide an appropriate degree of security to our stakeholders. The second objective is to create equity holder value by driving profit attributable to equity holders.

The liquidity and capital management policy forms one element of the Group's overall management framework. Most notably, it operates alongside and complements the strategic investment policy and the Group risk policies. Integrating policies in this way enables the Group to have a capital management framework that robustly links the process of capital allocation, value creation and risk management.

Capital requirements are forecast on a periodic basis and assessed against the forecast available capital resources. In addition, internal rates of return achieved on capital invested are assessed against hurdle rates, which are intended to represent the minimum acceptable return given the risks associated with each investment. The capital planning process is the responsibility of the Chief Financial Officer. Capital plans are ultimately subject to approval by the Board.

The formal procedures for identifying and assessing risks that could affect the capital position of the Group are described in the Risk management section of the Strategic report on page 39. Information on financial instruments risk is also provided in Note 38.

(b) Regulatory capital

(b)(i) Regulatory capital framework

The Group is supervised under the CRD IV regulatory regime for group prudential supervisory purposes and therefore measures and monitors its capital on that basis. The Group's regulatory capital position under CRD IV is determined by consolidating the eligible capital and reserves of the Group (subject to a number of deductions) to derive regulatory capital resources, and comparing this to the Group's regulatory capital requirements.

Stress testing is completed to determine the appropriate level of regulatory capital and liquidity that the Group must hold, with results shared with the FCA at least annually. In addition, the Group monitors a range of capital and liquidity statistics on a daily, monthly or less frequent basis as required. Surplus capital levels are forecast, taking account of projected dividends and investment requirements, to ensure that appropriate levels of capital resources are maintained.

The Group is required to hold capital resources to cover both Pillar 1 and Pillar 2 capital requirements, described below.

Pillar 1 - minimum requirement for capital

Pillar 1 focuses on fixed overhead requirements and the Group's exposure to credit and market risks in respect of risk-weighted assets, and sets a minimum requirement for capital based on these measures. At 31 December 2020, the Group's draft Pillar 1 minimum requirement for capital was £0.5bn (2019: £0.4bn).

Pillar 2 - ICAAP and supervisory review and evaluation process

Pillar 2 supplements the Pillar 1 minimum requirement via the ICAAP, which is the means by which the Group assesses the level of capital that adequately supports all of the relevant current and future risks in its business. The ICAAP focuses on the principal risks to the consolidated financial position and examines each risk category to identify exposures that could put the Group's capital at risk. The results of the Group's ICAAP process will be subject to periodic review by the FCA under the Supervisory Review and Evaluation Process (SREP).

(b)(ii) Regulatory capital position (unaudited)

	2020¹	2019¹
	£bn	£bn
IFRS equity attributable to equity holders of Standard Life Aberdeen plc	6.8	6.6
Deductions for intangibles and defined benefit pension assets, net of related deferred tax liabilities	(2.0)	(2.9)
Deductions for significant investments in financial sector entities	(0.9)	(1.1)
Deductions for non-significant investments in financial sector entities	(0.8)	-
Other deductions and adjustments, including provision for foreseeable dividend	(0.2)	(0.4)
Common Equity Tier 1 capital resources	2.9	2.2
Tier 2 capital resources	0.5	0.6
Total regulatory capital resources	3.4	2.8
Total regulatory capital requirements	(1.1)	(1.1)
Surplus regulatory capital	2.3	1.7

¹ 2020 draft position on 9 March 2021 following finalisation of the Annual report and accounts, 2019 based on Pillar 3 reporting.

The Group's current capital resources include approximately £0.8bn (2019: approximately £0.3bn) from holdings in insurance entities that it is expected will no longer be eligible following the implementation of the Investment Firm Prudential Regime from 1 January 2022. The Investment Firm Prudential Regime is also expected to introduce constraints on the proportion of the minimum capital requirement that can be met by each tier of capital. As a result, it is estimated that approximately £0.3bn of existing Tier 2 capital, whilst continuing to be reported within the Group's capital resources, would not be available to meet the minimum capital requirement from 1 January 2022.

The Group has complied with all externally imposed capital requirements during the year. The Group's Pillar 3 disclosures will be published on the Group's website at www.standardlifeaberdeen.com/annualreport

47. Events after the reporting date

(a) Acquisition of Tritax Management LLP

On 9 December 2020, the Group announced the proposed acquisition of 60% of the equity of Tritax Management LLP, a specialist logistics real estate fund manager. The initial cash consideration payable at completion for the acquisition is £64m. Subject to the satisfaction of certain conditions, an additional contingent deferred earn-out is expected to be payable to acquire the remaining 40% of equity in Tritax Management LLP via three exercisable put options in each of years ended 31 March 2024, 2025 and 2026. The Group will also have the right to purchase any outstanding equity interests at the end of the five-year period through exercising a call option. The amount payable under the contingent deferred earn-out is dependent on the growth in future profitability of the business and is a maximum of £140m. Completion is subject to certain conditions including relevant regulatory approvals. The assets under management of Tritax Management LLP at 31 December 2020 were approximately £5.5bn.

(b) Simplification and extension of the strategic partnership between the Group and Phoenix

On 23 February 2021, the Group announced the purchase of certain products in the Phoenix Group's savings business offered through the Standard Life Aberdeen Wrap platform, comprising a self-invested pension plan (SIPP) and an onshore bond product; together with the Phoenix Group's trustee investment plan (TIP) business for UK pension scheme clients. The assets relating to these Phoenix Group-administered businesses at 31 December 2020 are £38bn and are currently included in Group AUMA. The transaction will be effected through a Part VII transfer which is targeted to complete in late 2022. The upfront consideration paid by the Group in February 2021 was £62.5m, which will be offset in part by expected payments from Phoenix to the Group relating to profits of the business prior to completion of the legal transfer. The transaction will result in the Group earning adjusted profit in relation to the acquired businesses post completion.

The Group have also agreed to sell the 'Standard Life' brand to Phoenix by mid-2021, replacing the existing agreement to licence the brand for no fee to Phoenix, and to transfer related employees to Phoenix. In addition the Group will pay £32m to Phoenix later in 2021 in return for Phoenix bearing the costs of workplace pensions marketing staff, who are currently employed by the Group but provide services to Phoenix. The sale of the brand and transfer of related marketing staff is not expected to materially impact on our results.

The strategic asset management partnership (under which the Group manages £171.5bn of Phoenix assets at 31 December 2020) will be extended and will now operate for at least 10 years up to February 2031.

The Group have also resolved legacy issues with Phoenix relating to the operation of certain aspects of the agreements that were entered into at the time of the sale of SLAL to Phoenix and which impacted the value of certain indemnities and other payments under the transaction terms. The impact of the resolution of these legacy matters is included in the 2020 results and resulted in the Group receiving a cash inflow of £34m in February 2021.

The Group's shareholding in Phoenix remains at 14.4%. Following the changes to the commercial agreements set out above, in particular in relation to the licencing of the 'Standard Life' brand, our judgement is that Phoenix should no longer be accounted for as an associate with effect from 23 February 2021, and should instead be accounted for as an investment at fair value. The primary impact of this reclassification is that the Group will recognise changes in fair value of the investment in the consolidated income statement rather than the Group's share of Phoenix profits under the equity method.

48. Related undertakings

The Companies Act 2006 requires disclosure of certain information about the Group's related undertakings which is set out in this note. Related undertakings are subsidiaries, joint ventures, associates and other significant holdings. In this context significant means either a shareholding greater than or equal to 20% of the nominal value of any class of shares, or a book value greater than 20% of the Group's assets.

The particulars of the Company's related undertakings at 31 December 2020 are listed below. For details of the Group's consolidation policy refer to (b) Basis of consolidation in the Presentation of consolidated financial statements section. Under that policy limited partnerships in which the Group has no interest but whose general partner is controlled by the Group are not consolidated. However such limited partnerships are considered to be related undertakings under Companies Act 2006 and therefore are listed below. Where the Group has no interest in a limited partnership that is considered a related entity, the interest held is disclosed as 0%.

The ability of subsidiaries to transfer cash or other assets within the Group for example through payment of cash dividends is generally restricted only by local laws and regulations, and solvency requirements. Included in equity attributable to equity holders of Standard Life Aberdeen plc at 31 December 2020 is £93m (2019: £88m) related to the Standard Life Foundation, a subsidiary undertaking of the Group. The assets of the Standard Life Foundation are restricted to be used for charitable purposes.

The registered head office of all related undertakings is 1 George Street, Edinburgh, EH2 2LL unless otherwise stated.

(a) Direct subsidiaries

Name of related undertaking	Share class¹	% interest held²
1825 Financial Planning Limited³	Ordinary shares	100%
30 STMA 1 Limited³	Ordinary shares	100%
30 STMA 2 Limited³	Ordinary shares	100%
30 STMA 3 Limited³	Ordinary shares	100%
30 STMA 4 Limited³	Ordinary shares	100%
30 STMA 5 Limited³	Ordinary shares	100%
Aberdeen Asset Management PLC⁴	Ordinary shares	100%
Focus Solutions Group Limited⁵	Ordinary shares	100%
Standard Life Aberdeen Charitable Foundation⁴	N/A	100%
Standard Life Aberdeen Trustee Company Limited	Ordinary shares	100%
Standard Life Charity Fund	N/A	100%
Standard Life Client Management Limited	Ordinary shares	100%
Standard Life Employee Services Limited	Ordinary shares	100%
Standard Life Finance Limited	Ordinary shares	100%
Standard Life Foundation	N/A	100%
Standard Life Investments (Holdings) Limited	Ordinary shares	100%
Standard Life (London) Limited³	Ordinary shares	100%
Standard Life (Mauritius Holdings) 2006 Limited⁶	Ordinary shares	100%
Standard Life Oversea Holdings Limited	Ordinary shares	100%
Standard Life Savings Limited	Ordinary shares	100%
The Standard Life Assurance Company 2006	N/A	100%
Threesixty Services LLP⁷	Limited Liability Partnership	100%
Threesixty Support LLP⁷	Limited Liability Partnership	100%

(b) Other subsidiaries, joint ventures, associates and other significant holdings

Name of related undertaking	Share class¹				% interest held²
1825 Financial Planning and Advice Limited³	Ordinary A shares Ordinary B shares				100%
21ASI Long Term Fund I SCSp⁸	Limited Partnership				0%
6 SAS 1 Limited	Ordinary shares				100%
Aberdeen ACM Team LP⁴	Limited Partnership				0%
Aberdeen ACP LLP⁴	Limited Liability Partnership				100%
Aberdeen Alternatives (Holdings) Limited⁴	Ordinary shares				100%
Aberdeen Asia IV (General Partner) S.a.r.l.⁹	Ordinary shares				100%
Aberdeen Asia Pacific Fund (Offshore), L.P.¹⁰	Limited Partnership				0%
Aberdeen Asia Pacific Fund II (Offshore), L.P.¹⁰	Limited Partnership				0%
Aberdeen Asia Pacific Fund, L.P.¹⁰	Limited Partnership				0%
Aberdeen Asia Pacific Fund II, L.P.¹⁰	Limited Partnership				0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), L.P.¹⁰	Limited Partnership				0%
Aberdeen Asia Pacific III Ex-Co-Investment, L.P.¹⁰	Limited Partnership				0%
Aberdeen Asia Pacific III, L.P.¹⁰	Limited Partnership				0%
Aberdeen ASIF Carry LP⁴	Limited Partnership				25%
Name of related undertaking		Share class¹			% interest held²
Aberdeen Asset Investment Group Limited³		Ordinary shares			100%
Aberdeen Asset Investments Limited³		Ordinary shares			100%
Aberdeen Asset Management Cayman Limited¹⁰		Ordinary shares			100%
Aberdeen Asset Management Denmark A/S¹¹		Ordinary shares			100%
Aberdeen Asset Management Finland Oy¹²		Ordinary shares			100%
Aberdeen Asset Management US GP Control LLC¹³		Limited Liability Company			100%
Aberdeen Asset Managers Limited⁴		Ordinary shares			100%
Aberdeen Asset Middle East Limited¹⁴		Ordinary shares			100%
Aberdeen Capital Management LLC¹³		Limited Liability Company			100%
Aberdeen Capital Managers GP LLC¹⁵		Limited Liability Company			100%
Aberdeen Claims Administration, Inc.¹⁶		Ordinary shares			100%
Aberdeen Co-Investment Mandate LP⁴		Limited Partnership			0%
Aberdeen Direct Property (Holding) Limited³		Ordinary shares			100%
Aberdeen do Brasil Gestao de Recursos Ltda¹⁷		Limited Liability Company			100%
Aberdeen Emerging Asia Fund, L.P.¹⁰		Limited Partnership			0%
Aberdeen Emerging Asia Pacific II (Offshore), L.P.¹⁰		Limited Partnership			0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, L.P.¹⁰		Limited Partnership			0%
Aberdeen Emerging Capital Limited¹⁸		Ordinary shares			100%
Aberdeen Energy & Resource Company IV, LLC¹³		Limited Liability Company			73%
Aberdeen Energy & Resources Company V, LLC¹³		Limited liability company			100%
Aberdeen Energy & Resources Partners IV, L.P.¹³		Limited Partnership			1%
Aberdeen Energy & Resources Partners V, L.P.¹³		Limited Partnership			0%
Aberdeen European Infrastructure Carry GP Limited⁴		Ordinary shares			100%
Aberdeen European Infrastructure Carry Limited⁴		Ordinary shares			100%
Aberdeen European Infrastructure Co-Invest II LP³		Limited Partnership			0%
Aberdeen European Infrastructure GP Limited³		Ordinary shares			100%
Aberdeen European Infrastructure GP II Limited³		Ordinary shares			100%
Aberdeen European Infrastructure GP III Limited³		Ordinary shares			100%
Aberdeen European Infrastructure Partners Carry LP⁴		Limited Partnership			25%
Aberdeen European Infrastructure Partners Carry II LP⁴		Limited Partnership			25%
Aberdeen European Infrastructure Partners Carry III LP⁴		Limited Partnership			25%
Aberdeen European Infrastructure Partners LP³		Limited Partnership			3%
Aberdeen European Infrastructure Partners II LP³		Limited Partnership			3%
Aberdeen European Infrastructure Partners III LP³		Limited Partnership			1%
Aberdeen European Residential Opportunities Fund SCSp¹⁹		Limited Partnership			1%
Aberdeen France S.A.²⁰		Ordinary shares			100%
Aberdeen Fund Distributors LLC¹⁶		Limited Liability Company			100%
Aberdeen Fund Management Oy¹²		Ordinary shares			100%
Aberdeen Fund Management II Oy¹²		Ordinary shares			100%
Aberdeen Fund Management Ireland Limited²¹		Ordinary shares			100%
Aberdeen General Partner 1 Limited⁴		Ordinary shares			100%
Aberdeen General Partner 2 Limited⁴		Ordinary shares			100%
Aberdeen General Partner CAPELP Limited¹⁰		Ordinary shares			100%
Aberdeen General Partner CGPLP Limited¹⁰		Ordinary shares			100%
Aberdeen General Partner CMENAPELP Limited¹⁰		Ordinary shares			100%
Aberdeen General Partner CPELP Limited¹⁰		Ordinary shares			100%
Aberdeen General Partner CPELP II Limited¹⁰		Ordinary shares			100%
Aberdeen Global Absolute Return Strategies Fund¹³		Mutual fund			47%
Aberdeen Global ex-Japan FoF's LP¹⁰		Limited Partnership			6%
Aberdeen Global ex-Japan GP Limited¹⁰		Ordinary shares			100%
Aberdeen Global Infrastructure Carry GP Limited⁴		Ordinary shares			100%
Aberdeen Global Infrastructure GP Limited²²		Ordinary shares			100%
Aberdeen Global Infrastructure GP II Limited²²		Ordinary shares			100%
Aberdeen Global Infrastructure Partners Carry LP⁴		Limited Partnership			25%
Aberdeen Global Infrastructure Partners II Carry LP⁴		Limited Partnership			25%
Aberdeen Global Infrastructure Partners LP³		Limited Partnership			1%
Aberdeen Global Infrastructure Partners II LP⁴		Limited Partnership			0%
Aberdeen GP 1 LLP⁴		Limited Liability Partnership			100%
Name of related undertaking				Share class¹	% interest held²
Aberdeen GP 2 LLP⁴				Limited Liability Partnership	100%
Aberdeen GP 3 LLP⁴				Limited Liability Partnership	100%
Aberdeen Infrastructure Feeder GP Limited⁴				Ordinary shares	100%
Aberdeen Infrastructure Finance GP Limited²²				Ordinary shares	100%
Aberdeen Infrastructure GP II Limited³				Ordinary shares	100%
Aberdeen Infrastructure Partners II Carry LP⁴				Limited Partnership	25%
Aberdeen Infrastructure Partners II LP⁴				Limited Partnership	0%
Aberdeen Infrastructure Partners LP Inc²³				Limited Partnership	0%
Aberdeen Institutional Commingled Funds LLC - Long Duration Corporate Bond Fund²⁴				Unit Trust	100%
Aberdeen Investment Company Limited⁴				Ordinary shares	100%
Aberdeen Investment Solutions Limited⁴				Ordinary shares	100%
Aberdeen Investments Euro Limited³				Ordinary shares	100%
Aberdeen Investments Jersey Limited²⁵				Ordinary shares	100%
Aberdeen Investments Limited³				Ordinary shares	100%
Aberdeen Investments USD Limited³				Ordinary shares	100%
Aberdeen Keva Asia IV Property Partners SCSp⁹				Limited Partnership	0%
Aberdeen Liquidity Fund (Lux)
Seabury Sterling Liquidity 1 Fund¹⁹				SICAV	100%
Aberdeen Pension Trustees Limited⁴				Ordinary shares	100%
Aberdeen Pooling II GP AB²⁶				Ordinary shares	100%
Aberdeen Private Equity Company VII, LLC¹³				Limited Liability Company	100%
Aberdeen Private Equity Company VIII, LLC¹³				Limited liability company	100%
Aberdeen Private Equity VII, L.P.¹³				Limited Partnership	1%
Aberdeen Private Equity VIII, LP¹³				Limited Partnership	0%
Aberdeen Property Fund Finland I Feeder Ky¹²				Limited Partnership	0%
Aberdeen Property Fund Finland LP¹²				Limited Partnership	0%
Aberdeen Property Fund Limited Partner Oy¹²				Ordinary shares	100%
Aberdeen Property Fund Management (Jersey) Limited²⁵				Ordinary shares	100%
Aberdeen Property Fund Management Estonia Ou²⁷				Ordinary shares	100%
Aberdeen Property Investors (General Partner) S.a.r.l.²⁸				Ordinary shares	100%
Aberdeen Property Investors Estonia Ou²⁹				Ordinary shares	100%
Aberdeen Property Investors France SAS²⁰				Ordinary shares	100%
Aberdeen Property Investors Limited Partner Oy¹²				Ordinary shares	100%
Aberdeen Property Investors The Netherlands BV³⁰				Ordinary shares	100%
Aberdeen Property Secondaries Partners II¹⁹				Limited Partnership	1%
Aberdeen Property UK Retail Parks Partnership³				Limited Partnership	0%
Aberdeen Real Estate Fund Finland LP³¹				Limited Partnership	5%
Aberdeen Real Estate Operations Limited⁴				Ordinary shares	100%
Aberdeen Residential JV Feeder Limited Partner Oy¹²				Ordinary shares	100%
Aberdeen Secondaries II GP S.a.r.l.¹⁹				Ordinary shares	100%
Aberdeen Sidecar LP Inc²³				Limited Partnership
Aberdeen SP 2013 A/S¹¹				Ordinary shares	100%
Aberdeen Standard (Jersey) Limited³²				Ordinary shares	100%
Aberdeen Standard 2019 European PE A Carry LP				Limited Partnership	100%
Aberdeen Standard 2019 European PE B Carry LP				Limited Partnership	100%
Aberdeen Standard Alternative Funds Limited				Ordinary shares	100%
Aberdeen Standard ASC I
ASI Sustainable Index World Equity Fund³				OEIC	100%
ASI Sustainable Index UK Equity Fund³				OEIC	99%
Aberdeen Standard Asset Management (Shanghai) Co., Ltd.³³				Ordinary shares	100%
Aberdeen Standard Asset Management (Thailand) Limited³⁴				Ordinary shares	100%
Aberdeen Standard Asset Management Limited				Ordinary shares	100%
Aberdeen Standard Capital (CI) Limited³⁵				Ordinary shares	100%
Aberdeen Standard Capital International Limited³⁶				Ordinary shares	100%
Aberdeen Standard Capital Limited				Ordinary shares	100%
Aberdeen Standard Carlsbad Carry LP⁴				Limited Partnership	25%
Aberdeen Standard Carlsbad GP Limited²²				Ordinary shares	100%
Aberdeen Standard Carlsbad LP⁴				Limited Partnership	0%
Name of related undertaking			Share class¹		% interest held²
Aberdeen Standard Diversified Fixed Income Fund³⁷			OEIC		23%
Aberdeen Standard ECF II GP LP			Limited Partnership		100%
Aberdeen Standard European Co-Investment II SCSp¹⁹			Limited Partnership		0%
Aberdeen Standard European Infrastructure Partners Carry IV LP⁴			Limited Partnership		25%
Aberdeen Standard European Property Growth Fund L.P.³			Limited Partnership		0%
Aberdeen Standard Fund Managers Limited³			Ordinary shares		100%
Aberdeen Standard Global Infrastructure GP III Ltd.²²			Ordinary shares		100%
Aberdeen Standard Greater China Value Fund³⁸			Investment Trust		74%
Aberdeen Standard Group Limited			Ordinary shares		100%
Aberdeen Standard Gulf Carry GP Limited⁴			Ordinary shares		100%
Aberdeen Standard Indonesia Balanced Growth Fund³⁹			Unit Trust		84%
Aberdeen Standard Indonesia Bond Fund³⁹			Unit Trust		69%
Aberdeen Standard Indonesia Equity Fund³⁹			Unit Trust		67%
Aberdeen Standard Investment Management Limited			Ordinary shares		100%
Aberdeen Standard Investments (Asia) Limited⁴⁰			Ordinary shares		100%
Aberdeen Standard Investments (Canada) Limited⁴¹			Ordinary shares		100%
Aberdeen Standard Investments (Holdings) Limited			Ordinary shares		100%
Aberdeen Standard Investments (Hong Kong) Limited⁴²			Ordinary shares		100%
Aberdeen Standard Investments (Japan) Limited⁴³			Ordinary shares		100%
Aberdeen Standard Investments (Malaysia) Sdn. Bhd⁴⁴			Ordinary shares Irredeemable non-convertible preference shares		100%
Aberdeen Standard Investments (Switzerland) AG⁴⁵			Ordinary shares		100%
Aberdeen Standard Investments Australia Limited³⁷			Ordinary shares		100%
Aberdeen Standard Investments Beteiligungs GmbH⁴⁶			Limited Liability Company		94%
Aberdeen Standard Investments Churchill Square General Partner Limited			Ordinary shares		100%
Aberdeen Standard Investments Colombia SAS⁴⁷			Ordinary shares		100%
Aberdeen Standard Investments Deutschland AG⁴⁶			Ordinary shares		94%
Aberdeen Standard Investments ETFs (US) LLC⁴⁸			Limited liability company		100%
Aberdeen Standard Investments ETFs Advisors LLC⁴⁸			Limited liability company		100%
Aberdeen Standard Investments ETFs Sponsor LLC⁴⁸			Limited liability company		100%
Aberdeen Standard Investments Fund Management AS⁴⁹			Ordinary shares		100%
Aberdeen Standard Investments Inc.¹³			Ordinary shares		100%
Aberdeen Standard Investments Ireland Limited⁵⁰			Ordinary shares		100%
Aberdeen Standard Investments Korea Co. Ltd.⁵¹			Ordinary shares		100%
Aberdeen Standard Investments Life and Pensions Limited³			Ordinary shares		100%
Aberdeen Standard Investments Limited			Ordinary shares		100%
Aberdeen Standard Investments Luxembourg Corporate Manager S.a.r.l.⁹			Ordinary shares		100%
Aberdeen Standard Investments Luxembourg S.A.¹⁹			Ordinary shares		100%
Aberdeen Standard Investments Nominees Services (HK) Limited⁴²			Ordinary shares		100%
Aberdeen Standard Investments Norway AS⁴⁹			Ordinary shares		100%
Aberdeen Standard Investments Norway Holding AS⁴⁹			Ordinary shares		100%
Aberdeen Standard Investments Operations AS⁴⁹			Ordinary shares		100%
Aberdeen Standard Investments Sweden AB²⁶			Ordinary shares		100%
Aberdeen Standard Investments Taiwan Limited³⁸			Ordinary shares		100%
Aberdeen Standard Islamic Investments (Malaysia) Sdn. Bhd.⁴⁴			Ordinary shares		100%
Aberdeen Standard Life Asset Management Limited			Ordinary shares		100%
Aberdeen Standard Life Group Limited			Ordinary shares		100%
Aberdeen Standard Life Investments Limited			Ordinary shares		100%
Aberdeen Standard Life Limited			Ordinary shares		100%
Aberdeen Standard Limited			Ordinary shares		100%
Aberdeen Standard MSPC Fund SCSp¹⁹			Limited Partnership		0%
Aberdeen Standard MSPC General Partner S.a.r.l.¹⁹			Limited Liability Company		100%
Aberdeen Standard Multi-Sector Private Credit Fund SCSp¹⁹			Limited Partnership		0%
Aberdeen Standard OEIC I
ASI Sterling Long Dated Government Bond Fund³			OEIC		38%
ASI China A Share Equity Fund³			OEIC		63%

Name of related undertaking

Share class¹

% interest held²

Aberdeen Standard OEIC III

ASI MyFolio Sustainable I Fund³

OEIC

100%

ASI MyFolio Sustainable II Fund³

OEIC

100%

ASI MyFolio Sustainable III Fund³

OEIC

100%

ASI MyFolio Sustainable IV Fund³

OEIC

100%

ASI MyFolio Sustainable V Fund³

OEIC

100%

Aberdeen Standard OEIC V

ASI UK Impact - Employment Opportunities Equity Fund³

OEIC

96%

Aberdeen Standard Overseas Investment Fund Management (Shanghai) Co., Ltd.³³

Ordinary shares

100%

Aberdeen Standard Pan European Residential Property Fund SICAV-RAIF¹⁹

Limited Partnership

Aberdeen Standard Private Equity Company IX, LLC¹³

Limited liability company

100%

Aberdeen Standard Private Equity IX, L.P.²⁴

Limited Partnership

Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC¹³

Limited liability company

100%

Aberdeen Standard Private Real Assets Co-investment Fund I GP, LP²⁴

Limited partnership

79%

Aberdeen Standard Private Real Assets Co-Investment Fund I, L.P.¹³

Limited Partnership

Aberdeen Standard Secure Credit LP

Limited Partnership

Aberdeen Standard SICAV I

Aberdeen Standard SICAV I - Artificial Intelligence Global Equity Fund¹⁹

SICAV

70%

Aberdeen Standard SICAV I - ASI-CCBI Belt & Road Bond Fund¹⁹

SICAV

33%

Aberdeen Standard SICAV I - Asian Credit Bond Fund¹⁹

SICAV

50%

Aberdeen Standard SICAV I - Asian Sustainable Development Equity Fund¹⁹

SICAV

99%

Aberdeen Standard SICAV I - Emerging Markets Local Currency Corporate Bond Fund¹⁹

SICAV

84%

Aberdeen Standard SICAV I - European Equity (ex-UK) Fund¹⁹

SICAV

23%

Aberdeen Standard SICAV I - German Equity Fund¹⁹

SICAV

28%

Aberdeen Standard SICAV I - Global Dynamic Dividend Fund¹⁹

SICAV

45%

Aberdeen Standard SOF Evergreen GP LP

Limited Partnership

100%

Aberdeen Standard SOF Evergreen LP

Limited Partnership

Aberdeen Standard SOF IV Feeder LP

Limited Partnership

Aberdeen Standard SOF IV GP LP

Limited Partnership

100%

Aberdeen Standard SOF IV LP

Limited Partnership

Aberdeen Standard Syariah Asia Pacific Equity USD Fund³⁹

Unit trust

38%

Aberdeen Standard UK Shopping Centre Feeder Fund Limited Partnership³

Limited Partnership

Aberdeen Standard Unit Trust 1

ASI Diversified Growth Fund³

Unit trust

42%

Aberdeen Standard Venture Company XII, LLC¹³

Limited liability company

100%

Aberdeen Standard Venture XII, LP¹³

Limited Partnership

Aberdeen Trust Limited⁴

Ordinary shares

100%

Aberdeen UK Infrastructure Carry GP Limited⁴

Ordinary shares

100%

Aberdeen UK Infrastructure Carry Limited⁴

Ordinary shares

100%

Aberdeen Unit Trust Managers Limited⁴

Ordinary shares

100%

Aberdeen U.S. Mid Cap Equity Fund²⁴

OEIC

86%

Aberdeen U.S. Sustainable Leaders Fund²⁴

OEIC

95%

Aberdeen Venture Company X, LLC¹³

Limited Liability Company

100%

Aberdeen Venture Company XI, LLC¹³

Limited liability company

100%

Aberdeen Venture Partners X SPV-A, L.P.¹³

Limited Partnership

Aberdeen Venture Partners X, L.P.¹³

Limited Partnership

Aberdeen Venture XI, LP¹³

Limited Partnership

ACM Carry LP⁴

Limited Partnership

40%

AEROF (Luxembourg) GP S.a.r.l.¹⁹

Ordinary shares

100%

AIA Series T Holdings LLC²⁴

Limited liability company

AIPP Folksam Europe II Kommanditbolag⁵²

Limited Partnership

AIPP Pooling I SA¹⁹

Ordinary shares

100%

Airport Industrial GP Limited³

Ordinary shares

100%

Airport Industrial Limited Partnership³

Limited Partnership

Aldwych Capital Partners, L.P.

Limited Partnership

Amberia General Partner Oy¹²

Ordinary shares

100%

Andean Social Infrastructure Fund I LP⁴

Limited Partnership

Andean Social Infrastructure GP Limited¹⁰

Ordinary shares

100%

Name of related undertaking

Share class¹

% interest held²

Arden Garden State NJ Fund, L.P.²⁴

Limited Partnership

Arden Institutional Advisers, L.P.²⁴

Limited Partnership

Arden Institutional Fund LP²⁴

Limited Partnership

Arthur House (No.6) Limited³

Ordinary shares

100%

Artio Global Investors Inc.¹⁶

Ordinary shares

100%

ASI Core Private Equity Fund GP, LLC¹³

Limited liability company

100%

ASI Core Private Equity Fund L.P.¹³

Limited Partnership

ASI Direct RE GP LLP

Limited Liability Partnership

100%

ASI European Long Income RE Fund SCSp¹⁹

Limited Partnership

ASI European Private Equity 2019 B LP

Limited Partnership

ASI (General Partner 2019 European PE B) Limited

Ordinary shares

100%

ASI (General Partner 2019 European PE A Carry) Limited

Ordinary shares

100%

ASI (General Partner 2019 European PE A) S.à r.l.¹⁹

Ordinary shares

100%

ASI (General Partner AS 2020 FF) S.a r.l.¹⁹

Ordinary shares

100%

ASI (General Partner ECF II) Limited

Ordinary shares

100%

ASI (General Partner PE2) Limited

Ordinary shares

100%

ASI (General Partner PFF 2018) S.a.r.l.¹⁹

Ordinary shares

100%

ASI (General Partner SOF IV) Limited

Ordinary shares

100%

ASI (General Partners 2019 European PE B) LLC¹³

Limited liability company

100%

ASI (Gold) Limited³

Ordinary shares

100%

ASI Han Co-Investment LP

Limited Partnership

ASI Hark Capital I GP, LLC¹³

Limited liability company

100%

ASI Hark Capital II GP, LLC¹³

Limited liability company

100%

ASI Hark Capital I Parallel, LP²⁴

Limited Partnership

ASI Hark Capital II Parallel, LP²⁴

Limited Partnership

ASI Hark Capital I, LP²⁴

Limited Partnership

ASI Hark Capital II, LP²⁴

Limited Partnership

ASI Hark Capital III, LP¹³

Limited Partnership

ASI Hark Capital III GP, LLC¹³

Limited liability company

100%

ASI (KFAS) RE GP LLP

Limited Liability Partnership

100%

ASI Korea GP 2 Pte. Ltd.⁵³

Ordinary shares

100%

ASI Korea Separate Account 2 LP⁵³

Limited Partnership

ASI Little Mill Carry LP⁴

Limited Partnership

100%

ASI Little Mill LP⁴

Limited Partnership

ASI Mid Market Fund 1 LP¹⁹

Limited Partnership

ASI Mid-Market 1 LP⁴

Limited Partnership

ASI MM Executive Co Investment LP⁴

Limited Partnership

ASI PE 1 Carry LP⁴

Limited Partnership

40%

ASI (PGPE III) GP LP

Limited Partnership

ASI Phoenix Fund Financing SCSp¹⁹

Limited Partnership

ASI Phoenix Global Private Equity III LP

Limited Partnership

ASI Private Equity 1 LP⁴

Limited Partnership

ASI Private Equity 2 GP LP

Limited Partnership

100%

ASI Private Equity 2 LP

Limited Partnership

ASI REMM GP LLP⁴

Limited Liability Partnership

100%

ASI Shin Co-Investment LP⁴

Limited Partnership

ASI Shin Global Investment GP Limited¹⁰

Ordinary shares

100%

ASI (SOF E GP) Limited

Ordinary shares

100%

ASPER (Luxembourg) GP S.a.r.l.¹⁹

Ordinary shares

100%

Baigrie Davies & Company Limited³

Ordinary shares

100%

Baigrie Davies Holdings Limited³

Ordinary shares

100%

Bonaccord Capital Company LP¹³

Limited Partnership

BoS Mezzanine Partners Fund L.P.⁵⁴

Limited Partnership

BOSEMP Feeder LP⁴

Limited Partnership

Castlepoint General Partner Limited⁵⁵

Ordinary shares

100%

Castlepoint LP⁵⁵

Limited Partnership

Castlepoint Nominee Limited⁵⁵

Ordinary shares

100%

C.C. U.S. Private Equity Fund GP, LLC¹³

Limited Liability Company

100%

Name of related undertaking

Share class¹

% interest held²

C.C. U.S. Private Equity Fund GP II, LLC¹³

Limited liability company

C.C. U.S. Private Equity Fund, L.P.²⁴

Limited Partnership

C.C. U.S. Private Equity Fund II, L.P.¹³

Limited Partnership

Concession Infrastructure Investments Manager Limited⁵⁶

Ordinary shares

50%

Coutts Asian Private Equity Limited Partnership¹⁰

Limited Partnership

Coutts Global Property Limited Partnership¹⁰

Limited Partnership

Coutts Middle East and North Africa Private Equity Limited Partnership¹⁰

Limited Partnership

Coutts Private Equity Limited Partnership¹⁰

Limited Partnership

Coutts Private Equity Limited Partnership II¹⁰

Limited Partnership

CPP General Partner Limited Partnership

Limited Partnership

20%

Cumberland Place Financial Management Limited³

Ordinary shares

100%

Edinburgh Fund Managers Group Limited⁴

Ordinary shares

100%

Edinburgh Fund Managers Plc

Ordinary shares

100%

Edinburgh Unit Trust Managers Limited⁴

Ordinary shares
Deferred shares

100%

Elevate Portfolio Services Limited³

Ordinary shares

100%

ESF I Executive Co Investment Limited Partnership

Limited Partnership

ESP 2004 Co Investment Limited Partnership

Limited Partnership

ESP 2004 Conduit LP

Limited Partnership

ESP 2004 General Partner Limited Partnership

Limited Partnership

100%

ESP 2006 Co Investment Limited Partnership

Limited Partnership

ESP 2006 Conduit LP

Limited Partnership

ESP 2006 General Partner Limited Partnership

Limited Partnership

ESP 2008 Coinvestment Fund L.P.

Limited Partnership

ESP 2008 Coinvestment General Partner Limited partnership

Limited Partnership

ESP 2008 Conduit LP

Limited Partnership

ESP 2008 Executive Co Investment Limited Partnership

Limited Partnership

ESP 2008 General partner Limited Partnership

Limited Partnership

ESP CPPIB European Mid Market Fund

Limited Partnership

ESP General Partner Limited Partnership

Limited Partnership

ESP Golden Bear Europe Fund

Limited Partnership

ESP Golden Bear General Partner Limited Partnership

Limited Partnership

ESP II Co Investment Limited Partnership

Limited Partnership

ESP II Conduit LP

Limited Partnership

ESP II General Partner Limited Partnership

Limited Partnership

ESP Tidal Reach General Partner Limited Partnership

Limited Partnership

20%

ESP Tidal Reach LP

Limited Partnership

European Strategic Partners

Limited Partnership

European Strategic Partners - I LP

Limited Partnership

European Strategic Partners 2004 'A'

Limited Partnership

European Strategic Partners 2004 'B'

Limited Partnership

European Strategic Partners 2006 'A'

Limited Partnership

European Strategic Partners 2006 'B'

Limited Partnership

European Strategic Partners 2008 'A'

Limited Partnership

European Strategic Partners 2008 'B'

Limited Partnership

European Strategic Partners II 'A'

Limited Partnership

European Strategic Partners II 'B'

Limited Partnership

European Strategic Partners II 'C'

Limited Partnership

European Strategic Partners II 'D'

Limited Partnership

European Strategic Partners II 'E'

Limited Partnership

European Strategic Partners Scottish 'B'

Limited Partnership

European Strategic Partners Scottish 'C'

Limited Partnership

Flag Asia Company III, L.P.¹³

Limited Partnership

Flag Asia Company III, LLC¹³

Limited liability company

100%

Flag GG Opportunity Company, LLC¹³

Limited liability company

100%

Flag Global Company, LLC¹³

Limited liability company

100%

Flag International Company, L.P.¹³

Limited Partnership

Flag International Company II, L.P.¹³

Limited Partnership

Name of related undertaking

Share class¹

% interest held²

Flag International Company III, L.P.¹³

Limited Partnership

Flag International Company, LLC¹³

Limited liability company

100%

Flag International Company II, LLC¹³

Limited liability company

100%

Flag International Company III, LLC¹³

Limited liability company

100%

Flag Private Equity Company, LLC¹³

Limited liability company

100%

Flag Private Equity Company II, LLC¹³

Limited liability company

100%

Flag Private Equity Company III, LLC¹³

Limited liability company

100%

Flag Private Equity Company IV, LLC¹³

Limited liability company

100%

Flag Private Equity Company V, LLC¹³

Limited liability company

100%

Flag Private Equity Company VI, LLC¹³

Limited liability company

100%

Flag Private Equity Company III, L.P.¹³

Limited Partnership

Flag Private Equity Company IV, L.P.¹³

Limited Partnership

Flag Private Equity Company V, L.P.¹³

Limited Partnership

Flag Real Assets Company LLC¹³

Limited liability company

100%

Flag Real Assets Company, L.P.¹³

Limited Partnership

Flag Real Estate Company II, LLC¹³

Limited liability company

100%

Flag Real Estate Company III, LLC¹³

Limited liability company

100%

Flag Squadron Asia Pacific III GP LP¹⁰

Limited Partnership

100%

Flag Venture Company II, LLC¹³

Limited liability company

100%

Flag Venture Company III, LLC¹³

Limited liability company

100%

Flag Venture Company IV, LLC¹³

Limited liability company

100%

Flag Venture Company V, LLC¹³

Limited liability company

100%

Flag Venture Company VI, L.LC¹³

Limited liability company

100%

Flag Venture Company VII, LLC¹³

Limited liability company

100%

Flag Venture Company VIII, LLC¹³

Limited liability company

100%

Flag Venture Company IX, LLC¹³

Limited liability company

100%

Flag Venture Company VI, L.P.¹³

Limited Partnership

Flag Venture Company VII, L.P.¹³

Limited Partnership

Flag Venture Company VIII, L.P.¹³

Limited Partnership

Focus Business Solutions Limited⁵

Ordinary shares

100%

Focus Holdings Limited⁵

Ordinary shares

100%

Focus Software Limited⁵

Ordinary shares

100%

Focus Solutions EBT Trustee Limited⁵

Ordinary shares

100%

FOF III Venture Company, LLC¹³

Limited liability company

100%

FOF IV Venture Company, LLC¹³

Limited liability company

100%

FOF V Venture Company, LLC¹³

Limited liability company

100%

Fraser Heath Financial Management Limited³

Ordinary shares

100%

Griffin Nominees Limited³

Ordinary shares

100%

GTAAN - SL LP

Limited Partnership

HDFC Asset Management Company Limited⁵⁷

Ordinary shares
Redeemable
Preference shares

21%

Healthcare Private Equity Limited Partnership³

Limited Partnership

Healthcare Private Equity LP⁵⁸

Limited Partnership

Heng An Standard Life Insurance Company Limited⁵⁹

Ordinary shares

50%

Ignis Asset Management Limited

Ordinary shares

100%

Ignis Cayman GP2 Limited¹⁰

Ordinary shares

100%

Ignis Cayman GP3 Limited¹⁰

Ordinary shares

100%

Ignis Fund Managers Limited

Ordinary shares

100%

Ignis Investment Services Limited

Ordinary shares

100%

Jones Sheridan Financial Consulting Limited³

Ordinary shares

100%

Jones Sheridan Holdings Limited³

Ordinary shares

100%

KFAS Real Estate Limited Partnership

Limited Partnership

Lothian Thirty L.P.

Limited Partnership

Murray Johnstone Holdings Limited⁴

Ordinary shares

100%

Murray Johnstone Limited⁴

Ordinary shares

100%

NASP 2006 General Partner Limited Partnership

Limited Partnership

NASP 2006 Special Limited Partnership

Limited Partnership

Name of related undertaking

Share class¹

% interest held²

NASP 2008 General Partner Limited Partnership

Limited Partnership

NASP 2008 Special Limited Partnership

Limited Partnership

Next Generation Associates III, LLC¹³

Limited liability company

100%

Next Generation Associates IV, LLC¹³

Limited liability company

100%

Next Generation Associates V, LLC¹³

Limited liability company

100%

Next Generation Associates V, L.P.¹³

Limited Partnership

North American Strategic Partners (Feeder) 2006

Limited Partnership

North American Strategic Partners (Feeder) 2008 Limited Partnership

Limited Partnership

North American Strategic Partners 2006 LP¹⁰

Limited Partnership

North American Strategic Partners 2008 LP¹⁰

Limited Partnership

North American Strategic Partners Companion Fund LP⁶⁰

Limited Partnership

North American Strategic Partners, LP⁶⁰

Limited Partnership

North East Trustees Limited⁶¹

Ordinary A shares
Ordinary B shares

100%

Origo Services Limited⁶²

Ordinary shares

19%

Orion Partners CLP Inc.⁶³

Ordinary shares

100%

Orion Partners Holdings Limited⁶⁴

Ordinary shares

100%

Orion Partners Services Inc.⁶³

Ordinary shares

100%

Ostara China RE Fund LP

Limited Partnership

Ostara China Real Estate Fund L.P.⁶³

Limited Partnership

Ostara Japan Fund 3 LP⁶³

Limited Partnership

Ostara Korea GP 2 Pte. Ltd.⁵³

Ordinary shares

100%

Ostara Korea Separate Account LP⁵³

Limited Partnership

Ostara Partners Inc. China⁶³

Ordinary shares

100%

Ostara Partners Inc. Japan 3⁶³

Ordinary shares

100%

Pace Financial Solutions Limited³

Ordinary A shares
Ordinary B shares
Ordinary C shares

100%

Pace Mortgage Solutions Limited³

Ordinary A shares
Ordinary B shares

100%

Parmenion Capital Ltd⁶⁵

Ordinary shares

100%

Parmenion Capital Partners LLP⁶⁵

Limited Liability Partnership

100%

Parmenion Nominees Limited⁶⁵

Ordinary shares

100%

Parnell Fisher Child & Co. Limited³

Ordinary shares

100%

Parnell Fisher Child Holdings Limited³

Ordinary A shares
Ordinary B shares

100%

PE1 LP⁴

Limited Partnership

PE1A LP⁴

Limited Partnership

PE2 LP⁴

Limited Partnership

Pearl Private Equity LP

Limited Partnership

Pearl Strategic Credit LP

Limited Partnership

Pearson Jones & Company (Trustees) Limited⁶¹

Ordinary shares

100%

Pearson Jones Nominees Limited⁶¹

Ordinary shares

100%

PGB European Buy-out Fund I SCSp¹⁹

Limited Partnership

Phoenix Group Holdings plc⁶⁶

Ordinary shares

14%

PT Aberdeen Standard Investments Indonesia³⁹

Limited Liability Company

99%

PURetail Luxembourg Management Company S.a.r.l.⁶⁷

Class A shares

50%

Regent Property Partners (Retail Parks) Limited³

Ordinary shares

100%

Self Directed Investments Ltd.⁶⁵

Ordinary shares

100%

Serin Wealth Limited³

Ordinary shares

100%

Shin Global Investment Partners LP¹⁰

Limited Partnership

95%

SL Capital 2016 Co-Investment GP LP

Limited Partnership

SL Capital 2016 Co-Investment LP

Limited Partnership

SL Capital ECF GP LP

Limited Partnership

SL Capital ESF I GP LP

Limited Partnership

SL Capital ESF I LP

Limited Partnership

SL Capital European Co-Investment B LP

Limited Partnership

SL Capital European Co-Investment LP

Limited Partnership

SL Capital Ignis Private Equity Founder LP

Limited Partnership

65%

Name of related undertaking

Share class¹

% interest held²

SL Capital Ignis Strategic Credit Founder LP

Limited Partnership

SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp¹⁹

Limited Partnership

SL Capital Infrastructure I GP LP

Limited Partnership

100%

SL Capital Infrastructure I LP

Limited Partnership

SL Capital Infrastructure II LTP LP

Limited Partnership

100%

SL Capital Infrastructure II SCSp²⁸

Limited Partnership

SL Capital Infrastructure Secondary I GP LP

Limited Partnership

100%

SL Capital Infrastructure Secondary I LP

Limited Partnership

SL Capital NASF I A LP

Limited Partnership

SL Capital NASF I Carry LP

Limited Partnership

SL Capital NASF I GP LP

Limited Partnership

SL Capital NASF I LP

Limited Partnership

SL Capital Partners (US) Limited

Ordinary shares

100%

SL Capital Partners LLP

Limited Liability Partnership

100%

SL Capital Pearl Private Equity GP LP

Limited Partnership

SL Capital Pearl Strategic Credit GP LP

Limited Partnership

SL Capital SOF I Feeder LP

Limited Partnership

SL Capital SOF II Feeder LP

Limited Partnership

SL Capital SOF III Feeder LP

Limited Partnership

SL Capital SOF I GP LP

Limited Partnership

SL Capital SOF II GP LP

Limited Partnership

SL Capital SOF III GP LP

Limited Partnership

SL Capital SOF I LP

Limited Partnership

SL Capital SOF II LP

Limited Partnership

SL Capital SOF III LP

Limited Partnership

SLA Corporate Secretary Limited

Ordinary shares

100%

SLC EC I Executive Co Investment Limited Partnership

Limited Partnership

SLCI (Infrastructure 2018 A) Co-Invest LP

Limited Partnership

SLCI I Executive Co Investment Limited Partnership

Limited Partnership

SLCI Rail Co-Invest LP

Limited Partnership

SLCP (Founder Partner Ignis Private Equity) Limited

Ordinary shares

100%

SLCP (Founder Partner Ignis Strategic Credit) Limited

Ordinary shares

100%

SLCP (General Partner 2016 Co-investment) Limited

Ordinary shares

100%

SLCP (General Partner CPP) Limited

Ordinary shares

100%

SLCP (General Partner EC) Limited

Ordinary shares

100%

SLCP (General Partner Edcastle) Limited

Ordinary shares

100%

SLCP (General Partner ESF I) Limited

Ordinary shares

100%

SLCP (General Partner ESF II) Limited

Ordinary shares

100%

SLCP (General Partner ESP 2004) Limited

Ordinary shares

100%

SLCP (General Partner ESP 2006) Limited

Ordinary shares

100%

SLCP (General Partner ESP 2008 Coinvestment) Limited

Ordinary shares

100%

SLCP (General Partner ESP 2008) Limited

Ordinary shares

100%

SLCP (General Partner ESP CAL) Limited

Ordinary shares

100%

SLCP (General Partner Europe VI) Limited

Ordinary shares

100%

SLCP (General Partner II) Limited

Ordinary shares

100%

SLCP (General Partner Infrastructure I) Limited

Ordinary shares

100%

SLCP (General Partner Infrastructure Secondary I) Limited

Ordinary shares

100%

SLCP (General Partner NASF I) Limited

Ordinary shares

100%

SLCP (General Partner NASP 2006) Limited

Ordinary shares

100%

SLCP (General Partner NASP 2008) Limited

Ordinary shares

100%

SLCP (General Partner Pearl Private Equity) Limited

Ordinary shares

100%

SLCP (General Partner Pearl Strategic Credit) Limited

Ordinary shares

100%

SLCP (General Partner SOF I) Limited

Ordinary shares

100%

SLCP (General Partner SOF II) Limited

Ordinary shares

100%

SLCP (General Partner SOF III) Limited

Ordinary shares

100%

SLCP (General Partner Tidal Reach) Limited

Ordinary shares

100%

SLCP (General Partner USA) Limited

Ordinary shares

100%

SLCP (General Partner) Limited

Ordinary shares

100%

Name of related undertaking

Share class¹

% interest held²

SLCP (Holdings) Limited

Ordinary shares

100%

SLIF Property Investment LP

Limited Partnership

SLIPC (General Partner Infrastructure II LTP 2017) Limited

Ordinary shares

100%

SLIPC (General Partner Infrastructure II) S.a.r.l.²⁸

Ordinary shares

100%

SLIPC (General Partner PMD Co-Invest 2017) Limited

Ordinary shares

100%

SLIPC (General Partner SCF 1) Limited

Ordinary shares

100%

SLIPC PMD Co-Invest 2017 LP

Limited Partnership

SLTM Limited

Ordinary shares

100%

SOF I Executive Co Investment Limited Partnership

Limited Partnership

SOF II Executive Co Investment Limited Partnership

Limited Partnership

SOF III Executive Co Investment Limited Partnership

Limited Partnership

SOF IV Carry LP

Limited Partnership

25%

Squadron Capital Asia Pacific GP, LP¹⁰

Limited Partnership

100%

Squadron Capital Asia Pacific II GP LP¹⁰

Limited Partnership

100%

Squadron Capital Partners Limited¹⁰

Ordinary shares

100%

Standard Aberdeen Asset Management Limited

Ordinary shares

100%

Standard Aberdeen Group Limited

Ordinary shares

100%

Standard Aberdeen Investment Management Limited

Ordinary shares

100%

Standard Aberdeen Investments Limited

Ordinary shares

100%

Standard Aberdeen Limited

Ordinary shares

100%

Standard Life Aberdeen Asset Management Limited

Ordinary shares

100%

Standard Life Aberdeen Group Limited

Ordinary shares

100%

Standard Life Digital Solutions Limited

Ordinary shares

100%

Standard Life Investments Brent Cross General Partner Limited

Ordinary shares

100%

Standard Life investments Brent Cross LP

Limited Partnership

Standard Life Investments Commercial Real Estate Debt LP³

Limited Partnership

Standard Life Investments European RE Club (Offshore Feeder) Ltd¹⁰

Ordinary shares

100%

Standard Life Investments European RE Club II (Offshore Feeder) Ltd¹⁰

Ordinary shares

100%

Standard Life Investments European Real Estate Club II LP³

Limited Partnership

Standard Life Investments European Real Estate Club II LP Feeder Fund¹⁰

Limited Partnership

Standard Life Investments European Real Estate Club III LP³

Limited Partnership

Standard Life investments European Real Estate Club LP³

Limited Partnership

Standard Life Investments European Real Estate Club LP Feeder Fund¹⁰

Limited Partnership

Standard Life Investments (France) SAS²⁰

Ordinary shares

100%

Standard Life Investments (General Partner CRED) Limited³

Ordinary shares

100%

Standard Life Investments (General Partner ELIREF) S.a.r.l.¹⁹

Ordinary shares

100%

Standard Life Investments (General Partner EPGF) Limited

Ordinary shares

100%

Standard Life Investments (General Partner European Real Estate Club) Limited³

Ordinary shares

100%

Standard Life Investments (General Partner European Real Estate Club II) Limited³

Ordinary shares

100%

Standard Life Investments (General Partner European Real Estate Club III) Limited³

Ordinary shares

100%

Standard Life Investments (General Partner GARS) Limited

Ordinary shares

100%

Standard Life Investments (General Partner GFS) Limited

Ordinary shares

100%

Standard Life Investments (General Partner Global Tactical Asset Allocation) Limited

Ordinary shares

100%

Standard Life Investments (General Partner MAC) Limited

Ordinary shares

100%

Standard Life Investments (General Partner PDFI) Limited

Ordinary shares

100%

Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Limited³

Ordinary shares

100%

Standard Life Investments Global Absolute Return Strategies Master Fund Limited¹⁰

Ordinary shares

100%

Standard Life Investments Global Absolute Return Strategies Offshore Feeder Fund Limited¹⁰

Ordinary shares

100%

Standard Life Investments Global Absolute Return Strategies Onshore Feeder Fund, L.P.

Limited Partnership

Standard Life Investments Global Focused Strategies Master Fund Limited¹⁰

Ordinary shares

100%

Standard Life Investments Global Focused Strategies Offshore Feeder Fund Limited¹⁰

Ordinary shares

100%

Standard Life Investments Global SICAV

Standard Life Investments Global SICAV Dynamic Multi Asset Income Fund⁶⁸

SICAV

100%

Standard Life Investments Global SICAV Global Equities Unconstrained Fund⁶⁸

SICAV

48%

Standard Life Investments Global SICAV II

Standard Life Investments Global SICAV II Emerging Market Debt Sustainable & Responsible Investment Fund⁶⁸

SICAV

100%

Standard Life Investments Global SICAV II Global Equity Impact Fund⁶⁸

SICAV

20%

Name of related undertaking	Share class¹	% interest held²
Standard Life Investments Global SICAV II MyFolio Multi-Manager I Fund⁶⁸	SICAV	41%
Standard Life Investments Global SICAV II MyFolio Multi-Manager II Fund⁶⁸	SICAV	21%
Standard Life Investments Global SICAV II MyFolio Multi-Manager III Fund⁶⁸	SICAV	27%
Standard Life Investments Global SICAV II MyFolio Multi-Manager IV Fund⁶⁸	SICAV	33%
Standard Life Investments Global SICAV II MyFolio Multi-Manager V Fund⁶⁸	SICAV	35%
Standard Life Investments (Hong Kong) Limited⁶⁹	Ordinary shares	100%
Standard Life Investments Limited	Ordinary shares	100%
Standard Life Investments (Mutual Funds) Limited	Ordinary shares	100%
Standard Life Investments (PDF No. 1) Limited³²	Ordinary shares	50%
Standard Life Investments (Private Capital) Limited	Ordinary shares	100%
Standard Life Investments (SLIPIT) Limited Partnership³	Limited Partnership	0%
Standard Life Investments UK Shopping Centre Feeder Fund Company Limited⁷⁰	Ordinary shares	100%
Standard Life Investments (USA) Limited	Ordinary shares	100%
Standard Life Portfolio Investments Limited	Ordinary shares	100%
Standard Life Portfolio Investments US Inc.²⁴	Ordinary shares	100%
Standard Life Premises Services Limited	Ordinary shares	100%
Standard Life Savings Nominees Limited	Ordinary shares	100%
Tenet Group Limited⁷¹	Ordinary B shares	25%
Tenon Nominees Limited⁴	Ordinary shares	100%
The Coaching Platform Limited⁵	Ordinary shares	100%
The Munro Partnership Ltd.⁷²	Ordinary shares	100%
Threesixty Partnerships Limited⁷	Ordinary shares	100%
Touchstone Insurance Company Limited⁷³	Ordinary shares	100%
Two Rivers Limited Partnership³	Limited Partnership	0%
Two Rivers One Limited⁷⁴	Ordinary shares	100%
Two Rivers Two Limited⁷⁴	Ordinary shares	100%
UK PRS Opportunities General Partner Limited³	Ordinary shares	100%
UK PRS Opportunities LP³	Limited Partnership	0%
Virgin Money Unit Trust Managers Limited⁷⁵	Ordinary shares	50%
VZWL Private Equity GmbH & Co geschlossene Investment KG⁴⁶	Limited Partnership	40%
Waverley Healthcare Private Equity Limited⁴	Ordinary shares	100%
Wealth Horizon Limited⁶⁵	Ordinary shares	100%
Wise Trustee Limited⁶⁵	Ordinary shares	100%

¹ OEIC = Open-ended investment company

SICAV = Société d'investissement à capital variable

² Limited partnerships in which the Group has no interest but whose general partner is controlled by the Group are considered related undertakings under Companies Act 2006. Where the Group has no interest in a limited partnership that is considered a related undertaking, the interest held is disclosed as 0%.

Registered offices

³ Bow Bells House, 1 Bread Street, London, EC4M 9HH

⁴ 10 Queen's Terrace, Aberdeen, AB10 1XL

⁵ Cranford House, Kenilworth Road, Blackdown, Leamington Spa, CV32 6RQ

⁶ c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port Louis, 11324, Mauritius

⁷ 2nd Floor, The Royals, Altrincham Road, Sharston, Manchester, M22 4BJ

⁸6, rue Gabriel Lippmann L - 5365 Munsbach, Luxembourg, Luxembourg

⁹2-8 avenue Charles De Gaulle, L-1653 Luxembourg, Luxembourg

¹⁰ c/o Maples Corporate Services Limited, Ugland House, PO Box 309, George Town, KY1-1104, Cayman Islands

¹¹Tuborg Havnevej 15, 2nd Floor, DK-2900 Hellerup, Denmark

¹² Kaivokatu 6, Helsinki, 00100, Finland

¹³ c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE, 19808, USA

¹⁴ Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market Square, Al Marya Island, PO Box 764605, Abu Dhabi, United Arab Emirates

¹⁵ c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, DE 19801 Wilmington, USA

¹⁶ c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA

¹⁷Av Brigadeiro Faria Lima, 3729, SALA, 506, Brasil

¹⁸ 1 More London Place, London, SE1 2AF

¹⁹ 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg

²⁰29 Rue De Berri, Paris, 75008, France

²¹ 40 Upper Mount Street, Dublin 2, Republic of Ireland

²² First Floor Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 6HJ

²³ Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ

²⁴ 1900 Market St, Suite 200, Philadelphia, PA 19103, USA

²⁵ 1 Seaton Place, St Helier, Jersey, JE4 8YJ

²⁶ Box 3039, Stockholm, 103 63, Sweden

²⁷ Ahtri 6a, Tallinn, 10151, Estonia

²⁸2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg

²⁹Pamu Mnt 15, Talinn, 10141, Estonia

³⁰ WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam, Netherlands

³¹ Mikonkatu 9 Fin 00100, Helsinki, Finland

³² 44 Esplanade, St Helier, Jersey, JE4 9WG

³³ West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone

³⁴ Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok, 10120, Thailand

³⁵ IFC 1 The Esplanade, St Helier , JE1 4BP, Jersey

³⁶ First Floor, Sir Walter Raleigh House, 48-50 Esplanade, St Helier, Jersey, JE2 3QB

³⁷ Level 10, 255 George Street, Sydney, NSW 2000, Australia

³⁸ 8F-1, No. 101, Songren Road, Taipei City, 110, Taiwan, Republic of China

³⁹ 16th Floor, Menara Dea Tower 2, Kawasan Mega Kuningan, Jl Mega Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia

⁴⁰ 21 Church Street, #01-01, Capital Square Two, 049480, Singapore

⁴¹ 1 First Canadian Place, 100 King Street West, Toronto, Ontario, Canada

⁴² 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong

⁴³ Toranomon Seiwa Building 11F, 1-2-3 Toranomon, Minato-ku, Tokyo, 105-0001, Japan

⁴⁴ Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh Ampang 50100 Kuala Lumpur, Malaysia

⁴⁵ Schweizergasse 14, Zurich, 8001, Switzerland

⁴⁶Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany

⁴⁷ AC 82 NO. 10 60 P 5 Bogota DC, Columbia

⁴⁸ 712 5th Ave, New York, NY 10019, USA

⁴⁹ Henrik Ibsens gate 100, PO Box 2882 Solli, 0230 Oslo, Norway

⁵⁰ 24 Merrion Row, Dublin 2, Republic of Ireland

⁵¹ 13th Fl., B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam-daero, Seocho-gu, Seoul, Korea

⁵² Sveavägen 24, 111 57 Stockholm, Sweden

⁵³ 80 Robinson Road, #02-00, 068898, Singapore

⁵⁴ 7 Melville Crescent, Edinburgh, EH3 7JA

⁵⁵ 11th Floor, Two Snowhill, Birmingham, B4 6WR

⁵⁶ c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square, P.O. Box 1111, Grand Cayman, KY1-1102, Cayman Islands

⁵⁷ HDFC House, 2nd floor, H.T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020, India

⁵⁸ Edinburgh One, Morrison Street, Edinburgh, EH3 8BE

⁵⁹ 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin, People's Republic of China, 300051

⁶⁰ 1 Rodney Square 10th Fl, 10 & King St, Wilmington, DE 19801, USA

⁶¹ Clayton Wood Close, West Park Ring Road, Leeds, LS16 6QE

⁶² 7 Lochside View, Edinburgh, EH12 9DH

⁶³ Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket Square, KY1-9010, Cayman Islands

⁶⁴ 28th and 30th Floor, LHT Tower, 31 Queen's Road Central, Hong Kong

⁶⁵ Aurora (3rd Floor) Finzels Reach, Counterslip, Bristol, BS1 6BX

⁶⁶ Juxon House, 100 St Paul's Churchyard, London, EC4M 8BU

⁶⁷80, Route d'Esch, L-1470 Luxembourg, Luxembourg

⁶⁸ 2-4, Rue Eugène Ruppert, L-2453 Luxembourg, Luxembourg

⁶⁹ 30th Floor, Jardine House, One Connaught Place, Hong Kong

⁷⁰ Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey

⁷¹ 5 Lister Hill, Horsforth, Leeds, LS18 5AZ

⁷² Citadel House, 6 Citadel Place, Ayr, KA7 1JN

⁷³ c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port, Guernsey GY1 4AT

⁷⁴ Lime Grove House, Green Street, St Helier, Jersey, JE1 2ST

⁷⁵ Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL