Further re IPO

17 July 2006



Not for release, publication or distribution, directly or indirectly, in or into
                     the United States, Australia or Japan.


Standard Life plc

Announcement of Exercise of Over-Allotment Arrangements
Standard Life plc (the 'Company') announces that in connection with the initial
public offering of the Company (the 'Offers'), Merrill Lynch International, as
stabilising manager, has today given notice to the Company that it wishes to
exercise in full the over-allotment arrangements described in the Company's
prospectus dated 15 June 2006 (the 'Over-allotment Arrangements'). As a result
of the exercise of the Over-allotment Arrangements, the Company will issue
83,541,742 further ordinary shares of 10 pence each in the capital of the
Company (the 'Over-allotment Shares'). The Company will receive approximately
£192 million of proceeds from the issue of the Over-allotment Shares.  Including
the exercise of the Over-allotment Arrangements, the total size of the Offers
was approximately £2.4 billion (approximately 1,077 million Ordinary Shares).


14 July 2006

Enquiries:

Standard Life plc

Gordon Aitken                         0131 245 6799

Merrill Lynch International

Mark Gwynne                           020 7995 3700


Merrill Lynch International which is authorised and regulated in the United
Kingdom by the FSA, is acting exclusively for the Company and no-one else in
connection with the Offer. It will not regard any other person as its client in
relation to the Offer and will not be responsible for anyone other than the
Company for providing the protections afforded to its client, nor for providing
advice in relation to the Offer, the contents of this announcement or any
transaction, arrangements or other matter referred to herein.

This announcement does not constitute an offer of, or the solicitation of an
offer to buy or subscribe for, Ordinary Shares to any person in any jurisdiction
to whom or in which jurisdiction such offer or solicitation is unlawful and, in
particular, is not for release, publication or distribution in Australia or
Japan.

The offer sale and/or issue of the Ordinary Shares has not been and will not be
registered under US Securities Act of 1933, as amended (the 'Securities Act') or
qualified for sale under the laws of any State of the United States or qualified
for distribution by prospectus in Canada or under any applicable securities laws
of Australia or Japan. Subject to certain exceptions, the Ordinary Shares may
not be offered, sold or delivered within Australia or Japan or the United States
or to or for the benefit of, any national, resident or citizen of Australia or
Japan. The Ordinary shares are being offered and sold within the United States
only to 'qualified institutional buyers' ('QIBs') (as defined in Rule 144A under
the US Securities Act ('Rule 144A')) and in reliance on Rule 144A or another
exception from, or in a transaction not subject to the registration requirements
of the US Securities Act and outside the United States in reliance on Regulation
S under the US Securities Act ('Regulation S'). The Ordinary Shares are being
distributed in Canada under exemptions from the prospectus filing requirements
of securities legislation in Canada.



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