– and –

and

NOTICE IS HEREBY GIVEN that, on 3 December 2024, Phoenix Life Limited ("Phoenix Life") and abrdn Life and Pensions Limited ("abrdn Life") made an application (the "Application") to the High Court of Justice, Business and Property Courts of England and Wales, Companies List in London (the "High Court") pursuant to section 107(1) of the Financial Services and Markets Act 2000 (as amended) ("FSMA") for an order (the “Order”) under section 111 of FSMA sanctioning an insurance business transfer scheme for the transfer to abrdn Life of certain of the insurance business of Phoenix Life (as explained further below) and related assets and liabilities (the "Transferring Business") in accordance with the Order and without any further act or instrument (the "Scheme").

The policies to be transferred (the “Transferring Policies”) are: (1) policies which use the Standard Life brand and are entitled “Institutional Trustee Investment Plan”, “Retail Trustee Investment Plan”, “Institutional Personal Pension Investment Plan”, “Retail Personal Pension Investment Plan” and “TIP-Gateway Plan”; and (2) certain reinsurance policies under which Phoenix Life is reinsurer.

Previous company names and brands associated with Transferring Policies and policies in abrdn Life are as follows:

Transferring Policies: Standard Life; and

abrdn Life: Credit Suisse, Deutsche Morgan Grenfell Life & Pensions, Morgan Grenfell Life & Pensions, Deutsche Asset Management Life & Pensions, Aberdeen Asset Management Life and Pensions, Aberdeen Standard Investments Life and Pensions.

The following documents are available free of charge by contacting Phoenix Life or abrdn Life using the contact details at the end of this notice:

• a copy of a report on the terms of the Scheme prepared in accordance with section 109 of FSMA (the "IE Report"), by the Independent Expert, Simon Perry whose appointment has been approved by the Prudential Regulation Authority, in consultation with the Financial Conduct Authority;

• a copy of the Scheme;

• copies of the reports prepared by the Chief Actuaries of Phoenix Life and abrdn Life; and

• a copy of the communications that will be sent to the transferring policyholders, certain non-transferring policyholders of Phoenix Life and the policyholders of abrdn Life (which includes a summary of the terms of the Scheme and a summary of the IE Report).

The above documents can also be downloaded free of charge from Phoenix Life’s Standard Life-branded website and abrdn Life’s website:

• in relation to Phoenix policies: www.standardlife.co.uk/transfer25; and

• in relation to abrdn Life policies: www.abrdn.com/uk/fund-updates.

Supporting documents and any further news about the Scheme will be posted on the websites indicated above.

The Application is due to be heard on 12 March 2025 by a Judge of the Chancery Division of the High Court at the Rolls Building, Fetter Lane, London EC4A 1NL. If these dates change, a notice will be placed on Phoenix Life's and abrdn Life’s websites.

If the High Court approves the proposals, the Scheme will become operative at 00.01 on 28 March 2025. If this date changes, a notice will be placed on Phoenix Life’s and abrdn Life’s websites.

Any person who considers that they may be adversely affected by the carrying out of the transfer under the Scheme has a right to attend the hearing and express their views either in person or by nominating a representative. If any such representative is not a barrister or solicitor advocate, the permission of the High Court will be required for them to speak on your behalf.

Any person who considers that they may be adversely affected by the Scheme but does not intend to attend the hearing may make representations about the Scheme (a) (in the case of holders of Transferring Policies) by email to globalclientservicing@abrdn.com, (b) (in the case of existing policyholders of abrdn Life) by email to abrdnlifetransfer25@abrdn.com, (c) via an online form which can be found via the Phoenix Life website detailed above, (d) in writing to the parties at the addresses set out below, or (e) in writing to the solicitors named below, using the contact details set out below.

Any person who intends to appear at the hearing or make representations by telephone or in writing is requested (but is not obliged) to notify his or her objections as soon as possible and preferably by 12 February 2025 to Phoenix Life, abrdn Life or to the solicitors named below using the contact details set out below.

All objections relating to the Scheme will be shared with the High Court of England and Wales.

If the Scheme is sanctioned by the High Court, it will result in the transfer to abrdn Life of all the contracts, property, assets, and liabilities relating to the Transferring Business (in accordance with the Scheme); notwithstanding that a person would otherwise be entitled to terminate, modify, acquire, or claim an interest or right or to treat an interest or right as terminated or modified in respect thereof. Any such right will only be enforceable to the extent reflected in the Order of the High Court.

Phoenix Life and abrdn Life contact information:

(i) Phoenix Life

Contact team email address for holders of Transferring Policies:

globalclientservicing@abrdn.com

Postal address:

Standard Life Transfer Team

PO Box 24257

EDINBURGH

EH1 9AX

(ii) abrdn Life

Contact team email address for existing policyholders of abrdn Life:

abrdnlifetransfer25@abrdn.com

Postal address:

Client Service, abrdn Life

1 George Street

Edinburgh

EH2 2LL

Solicitors for Phoenix Life and abrdn Life

Linklaters LLP

Postal address: One Silk Street, London, EC2Y 8HQ

Please quote reference number L-348602 on any correspondence to Linklaters LLP.