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Standard Life plc - Annual Report and Accounts 2007
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Chairman's statement

Gerry Grimstone, ChairmanPerforming in challenging markets

‘2007 was Standard Life plc’s first full year as a listed company. The process of change, which started with the decision to demutualise in 2004 followed by our successful IPO in 2006, continued apace. I am pleased to say that while global financial markets struggled for equilibrium, our businesses around the world continued to do well.’

Last year was a difficult time for financial markets. Share prices globally came under pressure from economic conditions, triggered by the credit crisis which began in the US. Like most other financial services companies, our share price performance has been disappointing. Part of this was a consequence of the turmoil in the world’s credit markets and part was because of the uncertain macroeconomic outlook. Market observers always tend to assume the worst in conditions like this and it will take time for confidence to be restored. Our takeover bid for Resolution, abandoned when the cost became too high, created uncertainty about our strategy – an important task for us now is to continue to communicate our vision for Standard Life and to encourage investors towards sharing our confidence in the future. Market conditions are likely to stay volatile for the foreseeable future so we need to stay alert, keep focused on what we are good at, and continue to build the foundations that will enhance shareholder value.

Chairman's statement ... continued