Reduction of Capital

STANDARD LIFE BANK LIMITED

CONFIRMATION OF REDUCTION OF SHARE CAPITAL PURSUANT TO SECTIONS 135 TO 138 OF THE COMPANIES ACT 1985

Notice is hereby given that the capital of Standard Life Bank Limited, with its registered office situated at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH, was by virtue of a written resolution dated 25 August 2005, and with the sanction of an order of the Court dated 14 October 2005, reduced from £500,000,000 divided into 500,000,000 ordinary shares of £1 each, of which 385,000,000 had been issued and were fully paid, to £386,775,000 divided into 386,775,000 ordinary shares of £1 each, of which 271,775,000 have been issued and are fully paid up. The reduction was affected by the cancellation of 113,225,000 of the authorised and issued shares.

Burness LLP, Agents for Standard Life Bank Limited

50 Lothian Road, Festival Square, Edinburgh EH3 9WJ.