abrdn plc

Full Year Results 2021

Part 6 of 8

7. Group financial statements

31.     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 Net gains on financial instruments and other income 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 19.

Except for contingent consideration liabilities which are measured at fair value, 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 39.

The table below sets out an analysis of financial liabilities excluding unit linked financial liabilities which are set out in Note 24.

		At fair value through profit or loss1		Cash flow hedge		At amortised cost		Total
		2021	2020	2021	2020	2021	2020	2021	2020
	Notes	£m	£m	£m	£m	£m	£m	£m	£m
Third party interest in consolidated funds		104	77	-	-	-	-	104	77
Subordinated liabilities	32	-	-	-	-	644	638	644	638
Derivative financial liabilities	19	5	7	-	6	-	-	5	13
Other financial liabilities	35	165	6	-	-	881	1,171	1,046	1,177
Total		274	90	-	6	1,525	1,809	1,799	1,905

1.  All financial liabilities measured at fair value through profit or loss have been classified at FVTPL on a mandatory basis except for third party interest in consolidated funds which the Group has designated as at FVTPL.

32.     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.

 

		2021		2020
	Notes	Principal amount	Carrying value	Principal amount	Carrying value
Subordinated notes
4.25% US Dollar fixed rate due 30 June 2028		$750m	£552m	$750m	£546m
5.5% Sterling fixed rate due 4 December 2042		£92m	£92m	£92m	£92m
Total subordinated liabilities	39		£644m		£638m

A description of the key features of the Group's subordinated liabilities as at 31 December 2021 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 19 for further details.

The difference between the fair value and carrying value of the subordinated liabilities is presented in Note 39. A reconciliation of movements in subordinated liabilities in the year is provided in Note 40.

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 (2020: 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 29 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.

33.     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 2021. There was a further judgement 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 was recognised as a past service cost in 2020 and this adjustment has been carried forward to 2021. 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 (30 June 2019), both plans were in deficit and the Group agreed funding plans with the plans' trustees which aimed to eliminate the deficits. At 31 December 2021, one of the two schemes is in surplus on an IAS 19 basis.
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). The UK pensions market is regulated by the Pensions Regulator whose statutory objectives and regulatory powers are described on its website,  www.thepensionsregulator.gov.uk.

(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:

		2021	2020
		£m	£m
Current service cost		53	59
Net interest income		(21)	(23)
Administrative expenses		4	3
Expense from continuing operations recognised in the consolidated income statement		36	39

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 2021 comprised £14m (2020: £14m) to the Other UK plans and the Ireland Standard Life plan. Contributions are not expected to change materially over 2022 and 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

	2021			2020
	Principal plan	Other	Total	Principal plan	Other	Total
	£m	£m	£m	£m	£m	£m
Present value of funded obligation	(2,899)	(350)	(3,249)	(3,015)	(375)	(3,390)
Present value of unfunded obligation	-	(3)	(3)	-	(4)	(4)
Fair value of plan assets	5,337	349	5,686	5,253	343	5,596
Effect of limit on plan surplus	(853)	(12)	(865)	(783)	-	(783)
Net asset/(liability)	1,585	(16)	1,569	1,455	(36)	1,419

A pension plan surplus is considered to be recoverable as a right to a refund exists. The recoverable surplus is reduced to reflect an authorised surplus payments charge that would arise on a refund. This applies to both the principal plan surplus and a defined benefit plan within Other which has a surplus of £22m at 31 December 2021 (2020: £19m).

(c)         Movement in the net defined benefit asset

	Present value of obligation		Fair value of plan assets		Total		Effect of limit on plan surpluses			Total
	2021	2020	2021	2020	2021	2020		2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m		£m	£m	£m	£m
At 1 January	(3,394)	(3,194)	5,596	4,917	2,202	1,723		(783)	(615)	1,419	1,108
Total expense
Current service cost	-	(1)	-	-	-	(1)		-	-	-	(1)
Interest (expense)/income	(48)	(63)	80	99	32	36		(11)	(13)	21	23
Administrative expenses	(4)	(3)	-	-	(4)	(3)		-	-	(4)	(3)
Total (expense)/income recognised in consolidated income statement	(52)	(67)	80	99	28	32		(11)	(13)	17	19
Remeasurements
Return on plan assets, excluding amounts included in interest income	-	-	120	712	120	712		-	-	120	712
Gain from change in demographic assumptions	-	286	-	-	-	286		-	-	-	286
Loss from change in financial assumptions	144	(607)	-	-	144	(607)		-	-	144	(607)
Experience gains	(78)	44	-	-	(78)	44		-	-	(78)	44
Change in effect of limit on plan surplus	-	-	-	-	-	-		(69)	(155)	(69)	(155)
Remeasurement (losses)/gains recognised in other comprehensive income	66	(277)	120	712	186	435		(69)	(155)	117	280
Exchange differences	10	(7)	(7)	5	3	(2)		-	-	3	(2)
Employer contributions	-	-	14	14	14	14		(2)	-	12	14
Benefit payments	118	151	(117)	(151)	1	-		-	-	1	-
At 31 December	(3,252)	(3,394)	5,686	5,596	2,434	2,202		(865)	(783)	1,569	1,419

(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 39. 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
	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m
Assets measured at fair value based on level 1 inputs
Derivatives	8	2	-	-	8	2
Equity securities	-	183	-	-	-	183
Interests in pooled investment funds
Debt	-	-	-	-	-	-
Equity	-	-	-	-	-	-
Property	-	-	-	-	-	-
Absolute return	-	-	-	-	-	-
Cash	-	-	-	-	-	-
Debt securities	4.557	4,431	-	-	4,557	4,431
Total assets measured at fair value based on level 1 inputs	4,565	4,616	-	-	4,565	4,616
Assets measured at fair value based on level 2 or 3 inputs
Derivatives	43	95	18	-	61	95
Equity securities	100	101	-	-	100	101
Interests in pooled investment funds
Debt	440	434	12	13	452	447
Equity	-	37	18	32	18	69
Multi-asset private markets	194	164	-	-	194	164
Property	139	119	12	12	151	131
Absolute return	77	74	92	100	169	174
Cash	15	43	37	16	52	59
Debt securities	415	139	99	78	514	217
Qualifying insurance policies	3	3	76	80	79	83
Total assets measured at fair value based on level 2 or 3 inputs	1,426	1,209	364	331	1,790	1,540
Cash and cash equivalents	138	175	2	12	140	187
Liability in respect of collateral held	(792)	(743)	(17)	-	(809)	(743)
Other	-	(4)	-	-	-	(4)
Total	5,337	5,253	349	343	5,686	5,596

Further information on risks is provided in Section (g) of this note. The £5,071m (2020: £4,648m) of debt securities includes £4,884m (2020: £4,487m) government bonds (including conventional and index-linked). Of the remaining £187m (2020: £161m) debt securities, £108m (2020: £101m) are investment grade corporate bonds or certificates of deposit.

Included in the qualifying insurance policy asset of £79m (2020: £83m) 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 £809m liability in respect of collateral held (2020: £743m) consists of repurchase agreements of £786m (2020: £647m), margins on derivatives of (£10m) (2020: £51m) and collateral of £33m (2020: £45m).

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 2021 (2020: £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:

	2021	2020
	%	%
Discount rate	2.05	1.45
Rates of inflation
Consumer Price Index (CPI)	2.85	2.40
Retail Price Index (RPI)	3.25	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 excludes bonds issued by UK universities. The inflation assumption reflects the future reform of RPI effective from 2030 as described in Section (g)(i) below. 

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
2021	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 (SK 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	29	29	31

 

			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 (SK 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

These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The mortality assumptions have not been updated for COVID-19 at this point as the impact on long-term mortality rates for pension scheme members is not clear..

(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.

Undiscounted benefit payments (£m)

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

	2021	2020
Weighted average duration	years	years
Current pensioner	14	14
Non-current pensioner	27	27

(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.

		2021		2020
	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 2.05% to 1.05%)	(735)	1,584	(776)	1,666
	Increase by 1%	586	(1,185)	617	(1,232)
Rates of inflation	Decrease by 1%	498	(1,029)	555	(1,036)
	Increase by 1%	(670)	1,402	(698)	1,430
Life expectancy	Decrease by 1 year	99	N/A	103	N/A
	Increase by 1 year	(99)	N/A	(103)	N/A

34.     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.

 

		2021	2020
		£m	£m
At 1 January		73	67
Additions during the year		2	25
Released to the consolidated income statement as revenue from contracts with customers		(70)	(19)
At 31 December		5	73

The amount of deferred income expected to be settled after more than 12 months is £nil (2020: £3m).

As detailed in Note 1(c)(iii), in May 2021 the Group transferred workplace pensions marketing staff to Phoenix, who were employed by the Group but provided services to Phoenix, and made an associated payment of £32m to Phoenix. As a result, the Group released related deferred income of £57m in May 2021. The release of deferred income has been recognised in revenue from contracts with customers in the consolidated income statement net of the £32m payment.

35.     Other financial liabilities

		2021	2020
	Notes	£m	£m
Outstanding purchases of investment securities		5	6
Accruals		377	408
Creation of units awaiting settlement		107	121
Lease liabilities	17	225	249
Cash collateral held in respect of derivative contracts	37	15	14
Bank overdrafts	23	62	202
Contingent consideration liabilities	39	165	6
Outstanding contractual obligation for share buyback	25	-	40
Other		90	131
Other financial liabilities		1,046	1,177

The amount of other financial liabilities expected to be settled after more than 12 months is £303m (2020: £217m).

Accruals includes £nil (2020: £nil) relating to contracts with customers (refer Note 3(d)).

36.     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
	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m
At 1 January	68	77	25	25	93	102
Charged/(credited) to the consolidated income statement
Additional provisions	-	-	7	16	7	16
Release of unused provision	(25)	-	(1)	(7)	(26)	(7)
Used during the year	(8)	(9)	(17)	(9)	(25)	(18)
At 31 December	35	68	14	25	49	93

 

The provision for separation costs of £35m (2020: £68m) 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 £309m has been accounted for as at 31 December 2021. The £309m includes the £80m provision recognised in 2018 for separation costs of which £35m remains unused at 31 December 2021. The main uncertainty relating to the provision relates to the costs required to complete the de-coupling of systems including amounts payable to Phoenix. Following a reassessment of these de-coupling costs during the year, £25m (2020: £nil) was released from the provision. The remaining costs covered by the provision are expected to be incurred in the next year.

Other provisions primarily relate to dilapidations. Dilapidations are generally expected to be settled after more than 12 months.

The amount of provisions expected to be settled after more than 12 months is £10m (2020: £12m).

(b)         Other liabilities

As at 31 December 2021, other liabilities totalled £8m (2020: £6m). The amount of other liabilities expected to be settled after more than 12 months is £3m (2020: £2m).

37.     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 24 and the risks relating to the Group's principal defined benefit pension plan are explained in Note 33.

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.

As set out in the Risk management section of the Strategic report, the Group reviews and manages climate related risks. We have considered the implications of climate related risk for the 2021 financial statements and have concluded that there are no impacts on the valuation of the Group's assets and liabilities including the valuation of financial instruments held at fair value through profit or loss (in particular in relation to level 3 investments) or at amortised cost (in particular in relation to expected credit losses).

(b)         Market risk

The Group's largest exposure to market risk relates to our investments in Phoenix, HDFC Life and HDFC Asset Management. Refer Sections (b)(i)(i) and (b)(i)(iii) below for further details of the equity and foreign currency risks on these investments.

Other market risk exposures 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 in the Investments segment (previously part of the Asset management, platforms and wealth segment). 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.

		2021	2020
	Notes	£m	£m
Equity securities and interests in pooled investment funds at FVTPL		239	222
Debt securities		76	54
Assets held for sale	22	-	1
Total seed capital		315	277
Equity securities and interests in pooled investment funds at FVTPL		96	86
Total co-investments		96	86

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.

(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 39.

(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 equity securities.

At 31 December 2021 the shareholder exposure to equity markets was £2,584m (2020: £1,411m) in relation to equity securities. This primarily relates to the Group's investments in Phoenix of £941m (2020: £nil), HDFC Life of £508m (2020: £1,216m) and HDFC Asset Management of £840m (2020: £nil), seed capital investments of £188m (2020: £109m), and equity securities held by the abrdn Financial Fairness Trust (formerly named the Standard Life Foundation) of £69m (2020: £53m).

The Group is also exposed to adverse market price movements on its interests in pooled investment funds. The shareholder exposure of £456m (2020: £523m) to pooled investment funds primarily relates to £147m (2020: £199m) of seed capital and co-investments, corporate funds held in absolute return funds of £218m (2020: £223m), 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 £56m (2020: £58m) and pooled investment funds held by the abrdn Financial Fairness Trust of £31m (2020: £36m).

The Equities and interests in pooled investment funds at FVTPL included in the consolidated statement of financial position includes £75m (2020: £46m) relating to third party interest in consolidated funds and non-controlling interests - ordinary shares 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 investments in Phoenix, HDFC Life and HDFC Asset Management.

(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 investments in HDFC Life and HDFC Asset Management.

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
		2021	2020	2021		2020		2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
	Notes	£m	£m	£m		£m		£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Financial assets	18	4,606	3,170	1,348		1,233		212	258	552	373	56	37	126	179	6,900	5,250
Financial liabilities	31	(1,044)	(1,025)	-		-		(25)	(60)	(692)	(750)	(15)	(23)	(23)	(47)	(1,799)	(1,905)
Cash flow hedges		(554)	(549)	-		-		-	-	554	549	-	-	-	-	-	-
Non- designated derivatives		330	297	(1)		-		(79)	(80)	(203)	(156)	(1)	(1)	(46)	(60)	-	-
		3,338	1,893	1,347		1,233		108	118	211	16	40	13	57	72	5,101	3,345

The Indian Rupee exposure primarily relates to the Group's investments in HDFC Life and HDFC Asset Management. Other currencies include assets of £8m (2020: £10m) and liabilities of £1m (2020: liabilities of £6m) 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 of the Group's Chinese joint venture is disclosed in Note 15. 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 2021		31 December 2020
		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	246	10	146
	Decrease	10	(246)	10	(146)
Indian Rupee against US Dollar	Strengthen	10	139	10	136
	Weaken	10	(114)	10	(110)
US Dollar against Sterling	Strengthen	10	22	10	11
	Weaken	10	(18)	10	(9)
Euro against Sterling	Strengthen	10	12	10	12
	Weaken	10	(10)	10	(9)

The equity prices and Indian Rupee sensitivities primarily relate to the Group's investments in HDFC Life and HDFC Asset Management. The Group's investment in HDFC Life 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 is not material in both 2021 and 2020.

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 and contract assets including accrued income from contracts with customers 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 2021 were £77m (2020: £44m) the majority of which were less than 90 days past due (2020: less than 90 days). Of amounts greater than 90 days at 31 December 2021, less than £16m had not been received at the date of this report of which no single counterparty represented more than £3m.

At 31 December 2021 the Group does not hold financial assets at amortised cost that it regards as credit-impaired or for which it considers the probability of default would result in material expected credit losses. The expected credit losses recognised were less than £1m (2020: less than £1m). 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
	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
AAA	-	-	-	-	134	151	-	-	134	151
AA+ to AA-	241	88	-	-	396	467	-	-	637	555
A+ to A-	618	631	8	-	1,446	1,088	-	-	2,072	1,719
BBB	82	61	-	-	131	117	-	-	213	178
BB	-	-	-	-	-	-	6	6	6	6
Not rated	32	31	-	-	241	255	418	352	691	638
Gross carrying amount	973	811	8	-	2,348	2,078	424	358	3,753	3,247
Loss allowance	-	-	-	-	-	-	-	-	-	-
Carrying amount	973	811	8	-	2,348	2,078	424	358	3,753	3,247
Derivative financial assets	6	18	8	-	-	-	-	-	14	18
Debt securities	936	763	-	-	221	320	5	5	1,162	1,088
Receivables and other financial assets	31	30	-	-	231	244	418	352	680	626
Cash and cash equivalents	-	-	-	-	1,896	1,514	1	1	1,897	1,515
Carrying amount	973	811	8	-	2,348	2,078	424	358	3,753	3,247

In the table above debt securities exclude debt securities relating to third party interests in consolidated funds of £25m (2020: £24m). Cash and cash equivalents exclude cash and cash equivalents relating to third party interests in consolidated funds of £7m (2020: £7m). Derivative financial assets exclude derivative financial assets relating to third party interests in consolidated funds of £nil (2020: £nil). Receivables and other financial assets exclude receivables and other financial assets relating to third party interests in consolidated funds of £nil (2020: £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 2021, the Group had pledged £26m (2020: £28m) of cash and £nil (2020: £nil) of securities as collateral for derivative financial liabilities. At 31 December 2021, the Group had accepted £15m (2020: £14m) of cash and £50m (2020: £120m) 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 23, 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
	2021	2020	2021		2020	2021	2020		2021	2020
	£m	£m	£m		£m	£m	£m		£m	£m
Financial assets
Derivatives1	8	11	-		(3)	(8)	(1)		-	7
Reverse repurchase agreements	50	120	-		-	(50)	(120)		-	-
Total financial assets	58	131	-		(3)	(58)	(121)		-	7
Financial liabilities
Derivatives1	(2)	(11)	-		3	-	1		(2)	(7)
Total financial liabilities	(2)	(11)	-		3	-	1		(2)	(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 for each entity in the Group. 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 2021.

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 24.

	Within 1 year		1-5 years		5-10 years		10-15 years		15-20 years		Greater than 20 years		Total
	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Subordinated liabilities	29	28	114	113	627	629	26	22	26	22	97	101	919	915
Other financial liabilities	701	963	244	108	93	101	40	44	-	10	-	-	1,078	1,226
Total	730	991	358	221	720	730	66	66	26	32	97	101	1,997	2,141

Refer Note 19 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 2021 with a contractual maturity of within one year, between one and five years and over five years of £35m, £7m and £63m respectively (2020: £7m, £22m and £7m). The commitments may generally be requested anytime up to the
contractual maturity.

38.     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 2021 and 31 December 2020, 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 2021 and 31 December 2020, 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.

	2021	2020
	£m	£m
Financial investments
Equity securities and interests in pooled investment funds	851	1,003
Debt securities	36	40
Total financial investments	887	1,043
Receivables and other financial assets	244	234
Other financial liabilities	121	128

The Group's exposure to loss in respect of unconsolidated structured entities is limited to the carrying value of the Group's investment in these entities and the loss of future asset management and other fees received by the Group for the management of these entities. Exposure to loss arising from market and credit risk in relation to investments held in the unit linked funds and relating to third party interest in consolidated funds and non-controlling interests - ordinary shares is not borne by the shareholder.

Additional information on the Group's exposure to financial risk and the management of these risks can be found in Note 24 and Note 37.

The total assets under management of unconsolidated structured entities are £135,007m at 31 December 2021 (2020: £136,609m). The fees recognised in respect of these assets under management during the year to 31 December 2021 were £670m (2020: £625m).

The total issuance balance relating to unconsolidated structured debt securitisation vehicles in which the Group is invested is £1,741m (2020: £2,857m).

39.     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 18, 24 and 31 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 funds1,2	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 2021 and 31 December 2020, 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.

(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 24 for fair value analysis in relation to assets backing unit linked liabilities).

						Fair value hierarchy
		Total			Level 1			Level 2		Level 3
		2021		2020	2021		2020	2021	2020	2021	2020
		£m		£m	£m		£m	£m	£m	£m	£m
Owner occupied property		1		1	-		-	-	-	1	1
Derivative financial assets		14		18	-		-	14	18	-	-
Equity securities and interests in pooled investment vehicles1		3,115		1,981	2,600		1,422	409	458	106	101
Debt securities		961		787	1		2	959	784	1	1
Contingent consideration asset		31		28	-		-	-	-	31	28
Total assets at fair value		4,122		2,815	2,601		1,424	1,382	1,260	139	131

1.  Includes £941m (2020: £nil), £840m (2020: £nil) and £508m (2020: £1,216m) for the Group's listed equity investments in Phoenix, HDFC Asset Management and HDFC Life respectively, which are classified as significant listed investments (refer Note 12) and £nil (2020: £1m) for equity securities and interests in pooled investment vehicles classified as held for sale.

There were no significant transfers from level 1 to level 2 during the year ended 31 December 2021 (2020: £355m). There were also no significant transfers from level 2 to level 1 during the year ended 31 December 2021 (2020: £7m). Transfers from level 1 to level 2 for the year ended 31 December 2020 primarily related to interests in pooled investment vehicles which are priced daily but where the daily price is only offered by the fund manager. As disclosed in the prior year, 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 Section 39(a)(iii) below 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
		Total			Level 1				Level 2			Level 3
		2021		2020			2021	2020		2021	2020		2021	2020
		£m		£m			£m	£m		£m	£m		£m	£m
Liabilities in respect of third party interest in consolidated funds		104		77			-	-		104	77		-	-
Derivative financial liabilities		5		13			3	2		2	11		-	-
Contingent consideration liabilities		165		6			-	-		-	-		165	6
Total liabilities at fair value		274		96			3	2		106	88		165	6

There were no significant transfers between levels 1 and 2 during the year (2020: none). Refer Section (a)(iii) below 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
	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m
At 1 January	1	2	101	82	1	1
Total gains recognised in the consolidated income statement	-	-	8	2	-	-
Purchases	-	-	24	29	-	-
Sales and other adjustments	-	(1)	(27)	(13)	-	-
Transfers in to level 31	-	-	-	1	-	-
At 31 December	1	1	106	101	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
	2021	2020	2021	2020
	£m	£m	£m	£m
At 1 January	28	1	(6)	(14)
Total amounts recognised in the income statement	-	(12)	(3)	2
Additions	31	-	(155)	-
Settlements	(34)	39	8	6
Other movements	(3)	-	-	-
Transfer to contingent consideration liability	9	-	(9)	-
At 31 December	31	28	(165)	(6)

The additions in the year ended 31 December 2021 primarily relate to the disposals of Parmenion and Bonaccord and the acquisition of Tritax. Refer Note 1 for further details.

For the year ended 31 December 2021, gains of £5m (2020: losses of £13m) were recognised in the IFRS consolidated income statement in respect of non-unit linked assets and liabilities held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, gains of £5m (2020: gains of £2m) were recognised in net gains on financial instruments and other income. No gains or losses were recognised in respect of discontinued operations (2020: losses of £15m).

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 2021 with a fair value of £106m (2020: £101m).

	Fair value
	2021 £m	2020 £m	Valuation technique	Unobservable input	Range (weighted average)
Private equity, real estate and infrastructure funds	91	85	Net asset value	Net asset value statements provided for five 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	15	16	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 2021 with a fair value of (£134m) (2020: £22m).

	Fair value
	£m		Valuation technique	Unobservable input	Input used
2021 Contingent consideration assets and liabilities	(134)		Probability weighted cash flow 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 acquisition of Tritax. For Tritax a number of scenarios were prepared, around a base case, with probabilities assigned to each scenario (based on an assessment of the likelihood of each scenario). The value of the contingent consideration was determined for each scenario, and these were then probability weighted, with this probability weighted valuation then discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options (refer Note 1(b)(i)) between 2024, 2025 and 2026 would be that which is most beneficial to the holders of the put options.	The base scenario for Tritax contingent consideration used a revenue compound annual growth rate (CAGR) from 2021 to 2026 of 21%, with other scenarios using a range of revenue growth rates around this base. The base scenario used a cost/income ratio of c50% with other scenarios using a range of cost/income ratios around this base. The risk adjusted contingent consideration cash flows have been discounted using a primary discount rate of 1.9%.
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 1(c)(iii). 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.

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

At 31 December 2021 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. No level 3 instruments are held in in consolidated structured entities. See Note 24 for unit linked level 3 instruments.

Sensitivities for material level 3 assets and liabilities are provided below. Changing unobservable inputs in the measurement of the fair value of the other 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.

(a)(v)(i) Equity securities and interests in pooled investment funds

As noted above, of the level 3 equity securities and interests in pooled investment funds, £91m relates to private equity, real estate and infrastructure funds (2020: £85m) which are valued using net asset value statements. A 10% increase or decrease in the net asset value of these investments would increase or decrease the fair value of the investments by £9m (2020: £9m).

(a)(v) (ii) Contingent consideration assets and liabilities

As noted above, the most significant unobservable inputs for level 3 instruments relate to assumptions used to value the contingent consideration related to the purchase of Tritax. Sensitivities for reasonably possible changes to key assumptions are provided in the table below.

Assumption	Change in assumption	Consequential increase/(decrease) in contingent consideration liability
Revenue compound annual growth rate (CAGR) from 2021 to 2026	Decreased by 5%	(£26m)
	Increased by 5%	£19m
Cost/income ratio	Decreased by 5%	£10m
	Increased by 5%	(£12m)
Discount rate	Increased by 1%	(£6m)

 

(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
		2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
	Notes	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Assets
Debt securities		226	325	230	335	12	-	218	335	-	-
Liabilities
Subordinated liabilities	32	644	638	683	688	-	-	683	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.

40.     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.

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

(a)         Change in operating assets

	2021	2020
	£m	£m
Equity securities and interests in pooled investment funds	137	23
Debt securities	23	9
Derivative financial instruments	9	(12)
Receivables and other financial assets and other assets	26	46
Assets held for sale	19	751
Change in operating assets	214	817

Change in operating assets includes related non-cash items.

(b)         Change in operating liabilities

	2021	2020
	£m	£m
Other financial liabilities, provisions and other liabilities	(128)	(122)
Pension and other post-retirement benefit provisions	(31)	(30)
Deferred income	(68)	6
Investment contract liabilities	46	(110)
Change in liability for third party interest in consolidated funds	(17)	1
Liabilities held for sale	(11)	(736)
Change in operating liabilities	(209)	(991)

Change in operating liabilities includes related non-cash items.

 (c)        Other non-cash and non-operating items

	2021	2020
	£m	£m
Gain on sale of subsidiaries and other operations	(127)	(8)
Profit on disposal of interests in associates	(1,236)	(1,858)
Loss on disposal of property, plant and equipment	(4)	-
Depreciation of property, plant and equipment	39	46
Amortisation of intangible assets	108	152
Impairment losses on intangible assets	8	1,064
Loss on impairment of associates	-	45
Impairment losses recognised on property, plant and equipment	15	2
Impairment losses on disposal group held for sale	-	1
Movement in contingent consideration asset/liability	3	10
Equity settled share-based payments	43	64
Finance costs	30	30
Share of profit or loss from associates and joint ventures accounted for using the equity method	22	(194)
Other non-cash and non-operating items	(1,099)	(646)

(d)         Disposal of subsidiaries and other operations

		20211	20202
	Notes	£m	£m
Equity securities and interests in pooled investment funds		15	711
Other assets of operations disposed of		34	74
Non-participating insurance contract liabilities		-	(689)
Non-participating investment contract liabilities		-	(52)
Other liabilities of operations disposed of		(18)	(25)
Net assets disposed of		31	19
Items transferred to profit or loss on disposal of subsidiaries	1	(1)	(8)
Fair value of earn-out payments and retained interest		(32)	-
Other non-cash consideration		(9)	-
Gain on sale	1	127	8
Transaction costs		7	-
Total cash consideration		123	19
Cash and cash equivalents disposed of		(11)	(27)
Cash inflow/(outflow) from disposal of subsidiary		112	(8)

1.  Relates to the a number of 2021 disposals. Refer Note 1(c)(i) for further details.

2.  Relates to the disposal of SL Asia. Refer Note 1(c)(ii) for further details.

(e)         Movement in subordinated liabilities

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

	2021	2020
	£m	£m
At 1 January	638	655
Cash flows from financing activities
Repayment of subordinated liabilities	-	(100)
Dividend paid1	-	(2)
Interest paid	(28)	(30)
Cash flows from financing activities	(28)	(132)
Non-cash items
Amounts reclassified from equity	-	102
Interest expense	28	30
Foreign exchange adjustment	6	(17)
At 31 December	644	638

1.  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 29).

(f)          Movement in lease liabilities

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

	2021	2020
	£m	£m
At 1 January	249	268
Cash flows from financing activities
Payment of lease liabilities - principal	(27)	(29)
Payment of lease liabilities - interest	(6)	(6)
Cash flows from financing activities	(33)	(35)
Non-cash items
Reclassified as held for sale during the year	-	(7)
Additions	6	19
Disposals and adjustments	(3)	(2)
Interest capitalised	6	6
At 31 December	225	249

 

41.     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 investment management and insurance 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. At 31 December 2021, there are no identified contingent liabilities expected to lead to a material exposure.

42.     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 2021, the Group has committed to investing an additional £105m (2020: £35m) into funds in which it holds a co-investment interest.

(b)         Capital commitments

As at 31 December 2021, the Group has capital commitments other than in relation to financial instruments of £2m (2020: £7m). In addition, commitments relating to future acquisitions are disclosed in Note 1(c)(iii).

43.     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 abrdn plc (equity-settled share-based payments) but can also take the form of a cash award based on the share price of abrdn 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 2021:

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 Plan/Executive LTIP Plan1	Yes	Yes	No	1-3 years (3 years for Executive LTIP and 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 (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 include the awards for executive Directors under the Executive LTIP plan and certain awards under the deferred and discretionary share plans to senior management with specific performance conditions.

Further details of the EIP and the Executive 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 2021 (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 2021:

Plan	Options	Conditional awards	Restricted shares	Typical vesting period (years)	Contractual life for options	Recipients	Conditions which must be met prior to vesting
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.
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.

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

The Group also operated the following plans for which no awards were made during the year ended 31 December 2021 and for which all outstanding awards were exercised by 31 December 2021:

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 prior years' Directors' remuneration reports
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 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.

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:

	2021	2020
	£m	£m
Share options and share awards granted under deferred and discretionary share plans1	41	61
Share options granted under long-term incentive plans	-	-
Share options granted under Sharesave	1	2
Matching shares granted under share incentive plans	1	1
Equity-settled share-based payments	43	64
Cash-settled deferred fund awards2	16	29
Total expense	59	93

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

2.  The expense for cash-settled deferred fund awards includes £4m (2020: £5m) for awards related to funds which are consolidated.

Included in the expense above is £16m (2020: £27m) which is 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:

	2021		2020
	Deferred and discretionary share plans	Annual bonus deferred share options	Deferred and discretionary share plans	Annual bonus deferred share options
Outstanding at 1 January	46,077,386	10,670,331	22,956,158	15,469,459
Granted	4,582,659	-	27,486,468	-
Forfeited	(4,028,599)	(47,887)	(3,134,233)	(113,150)
Exercised	(9,497,634)	(4,017,940)	(1,231,007)	(4,685,978)
Outstanding at 31 December	37,133,812	6,604,504	46,077,386	10,670,331
Exercisable at 31 December	1,591,628	5,920,543	973,894	8,109,711
Remaining contractual life of options outstanding (years)1	7.97	4.59	8.85	5.28
Options exercised during the year
Share price at time of exercise1	291p	287p	232p	268p

1.  Weighted average.

The options granted under the deferred and discretionary share plans were made throughout the year ended 31 December 2021 with a main grant date of 9 April 2021 and had a £nil exercise price. The weighted average option term was 3.00 years. The weighted average share price at grant date was 291p 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, 556,569 nil cost conditional awards were also granted under the deferred and discretionary share plans (2020: 3,858,367) with a weighted average share price at grant date was 302p 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:

	2021		2020
	Long-term incentive plans (excluding RSP)	RSP	Long-term incentive plans (excluding RSP)	RSP
Outstanding at 1 January	16,202,527	268,897	36,411,803	1,997,896
Granted	-	-	-	-
Forfeited	(16,178,183)	(153,176)	(19,454,369)	(827,383)
Exercised	(24,344)	(112,349)	(754,907)	(901,616)
Outstanding at 31 December	-	3,372	16,202,527	268,897
Exercisable at 31 December	-	-	-	-
Remaining contractual life of options outstanding (years)1	-	0.57	0.92	0.75
Options exercised during the year
Share price at time of exercise1	286p	288p	237p	265p

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:

	2021		2020
	Sharesave	Weighted average exercise price for Sharesave	Sharesave	Weighted average exercise price for Sharesave
Outstanding at 1 January	8,734,919	210p	7,870,064	227p
Granted	1,081,098	206p	3,449,144	189p
Forfeited	(500,343)	216p	(159,189)	234p
Exercised	(272,103)	210p	(149,911)	273p
Expired	(531,108)	274p	(333,555)	272p
Cancelled	(650,432)	225p	(1,941,634)	225p
Outstanding at 31 December	7,862,031	203p	8,734,919	210p
Exercisable at 31 December	563,903	249p	225,676	341p
Remaining contractual life of options outstanding (years)1	2.36		2.98
Options exercised during the year
Share price at time of exercise1	265p		296p

1.  Weighted average.

The Sharesave options were granted on 6 December 2021 with an exercise price of 206p. The weighted average option term was 3.31years. The weighted average share price at grant date was 237p and the weighted average fair value at grant date was 32p. 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.

	2021	2020
	Number of options outstanding	Number of options outstanding
189p-199p	6,060,069	7,346,548
200p-327p	1,685,559	873,002
328p-345p	116,403	515,369
Outstanding at 31 December	7,862,031	8,734,919

(c)         Matching shares granted under share incentive plans

During the year ended 31 December 2021, 345,476 matching shares were granted under the share incentive plan (2020: 371,274). The weighted average share price at grant date was 277p 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 2021, the liability recognised for cash-settled deferred fund awards was £58m (2020: £61m). The liability includes £10m (2020: £11m) for deferred fund awards related to funds which are consolidated. The intrinsic value for vested deferred fund awards related to funds which are consolidated was £6m (2020: £5m).

(d)(ii)    Cash settled share based payments

At 31 December 2021, the liability recognised for cash-settled share based payments was £nil (2020: £nil).

44.     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 investment management and insurance businesses.

During the year, the Group recognised management fees of £4m (2020: £4m) from the Group's defined benefit pension plans.

In the year ended 31 December 2021, for associates accounted for using the equity method, the Group recognised sales primarily in relation to management fees of £36m (2020: £195m) and purchases in relation to services received of £2m (2020: £79m). 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 2021 there were sales to joint ventures of £4m (2020: £10m) and purchases from joint ventures of £nil (2020: £nil).

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.

The Group had balances due from associates accounted for using the equity method of £nil (2020: £65m), balances due to associates accounted for using the equity method of £nil (2020: £43m), £1m due from joint ventures (2020: £1m) and no amounts due to joint ventures (2020: £nil) as at 31 December 2021. The Group's defined benefit pension plans have assets of £1,138m (2020: £965m) invested in investment vehicles managed by the Group.

Details of the simplification and extension of the strategic partnership between the Group and Phoenix during the year ended 31 December 2021 are included in Note 1(c)(iii). With effect from 23 February 2021, Phoenix is no longer accounted for as an associate.

Details of the sale of a subsidiary to a joint venture business during the year ended 31 December 2020 are included in Note 1(c)(ii).

During the year ended 31 December 2021, the Group committed to providing £6m of additional funding to a joint venture subject to the fulfilment of specified conditions (2020: £12m). The capital contributions to this joint venture during the year ended 31 December 2021 were £11m (2020: £5m) with an outstanding commitment of £2m at 31 December 2021
(2020: £7m).

(b)         Compensation of key management personnel

Key management personnel includes Directors of abrdn plc (since appointment) and the members of the executive leadership team (since appointment).

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

	2021	2020
	£m	£m
Salaries and other short-term employee benefits	12	9
Post-employment benefits	-	-
Share-based payments and deferred fund awards	7	12
Termination benefits	1	1
Total compensation of key management personnel	20	22

(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.

45.     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, 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 pages 61 to 64. Information on financial instruments risk is also provided in Note 37.

(b)         Regulatory capital

(b)(i) Regulatory capital framework

The Group was supervised under the CRD IV regulatory regime for group prudential supervisory purposes up to 31 December 2021 and therefore measured and monitored its capital on that basis. From 1 January 2022, the Group is supervised under the Investment Firms Prudential Regime (see Section (b)(iii) below). 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 inform 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 2021, the Group's draft Pillar 1 minimum requirement for capital was £0.5bn (2020: £0.5bn).

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 under CRD IV (unaudited)

	20211	20201
	£bn	£bn
IFRS equity attributable to equity holders of abrdn plc	7.6	6.8
Deductions for intangibles and defined benefit pension assets, net of related deferred tax liabilities	(2.2)	(2.0)
Deductions for significant investments in financial sector entities	(0.8)	(0.9)
Deductions for non-significant investments in financial sector entities	(0.1)	(0.8)
Other deductions and adjustments, including provision for foreseeable dividend	(1.0)	(0.2)
Common Equity Tier 1 capital resources	3.5	2.9
Additional Tier 1 capital resources	0.2	-
Total Tier 1 capital resources	3.7	2.9
Tier 2 capital resources	0.6	0.5
Total regulatory capital resources	4.3	3.4
Total regulatory capital requirements	(1.1)	(1.1)
Surplus regulatory capital	3.2	2.3

1.  2021 draft position on 28 February 2022 following finalisation of the Annual report and accounts, 2020 based on Pillar 3 reporting.

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.abrdn.com/annualreport.

(b)(iii)   Investment Firms Prudential Regime (IFPR)

As noted above, from 1 January 2022, the Group is supervised under the IFPR.

Under IFPR the Group fully excludes the value of its holding in significant listed investments.

The Investment Firms Prudential Regime is introducing 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, is not available to meet the minimum capital requirement from 1 January 2022.

The draft regulatory capital position under IFPR at 31 December 2021 (unaudited) would have been as follows:

	20211
	£bn
IFRS equity attributable to equity holders of abrdn plc	7.6
Deductions for intangibles and defined benefit pension assets, net of related deferred tax liabilities	(2.2)
Deductions for significant investments in financial sector entities	(2.0)
Deductions for non-significant investments in financial sector entities	(0.5)
Other deductions and adjustments, including provision for foreseeable dividend	(0.5)
Common Equity Tier 1 capital resources	2.4
Additional Tier 1 capital resources	0.2
Total Tier 1 capital resources	2.6
Tier 2 capital resources	0.6
Total regulatory capital resources	3.2
Subordinated debt restriction	(0.3)
Total regulatory capital resources available to meet total regulatory capital requirements	2.9
Total regulatory capital requirements	(1.1)
Surplus regulatory capital	1.8
CET1 ratio	774%

1.  2021 draft position on 28 February 2022 following finalisation of the Annual report and accounts.

46.     Events after the reporting date

On 28 January 2022, the Group announced that it had sold an aggregate of 39,981,442 ordinary shares of its shareholding in Phoenix, representing approximately 4% of Phoenix's issued share capital, at a price of 660 pence per share, raising aggregate gross sale proceeds of c£264 million. As a result of the sale, the Group's shareholding has reduced to 10.4% and it continues to be classified as equity securities and interests in pooled investment funds, measured at fair value. 

On 2 December 2021 the Group announced the proposed acquisition of 100% of the issued share capital of Antler Holdco Limited, the holding company of interactive investor Limited ("interactive investor") for cash consideration of £1.49bn, subject to certain adjustments. interactive investor is the leading subscription-based, digitally-enabled, direct investing platform in the UK and, as the acquisition constitutes a Class 1 transaction under the Listing Rules, a Class 1 Circular was published on 9 February 2022. Completion is subject to the satisfaction of certain conditions, including relevant regulatory approvals and the approval of the acquisition by the Group's shareholders at a General Meeting on 15 March 2022.

47.     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 2021 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 abrdn plc at 31 December 2021 is £104m (2020: £93m) related to the abrdn Financial Fairness Trust, a subsidiary undertaking of the Group. The assets of the abrdn Financial Fairness Trust 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
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%
6 SAS 3 Limited3	Ordinary Shares	100%
Aberdeen Asset Management PLC4	Ordinary shares	100%
Aberdeen Corporate Services Limited	Ordinary Shares	100%
abrdn Charitable Foundation4	N/A	100%
abrdn Client Management Limited	Ordinary Shares	100%
abrdn Finance Limited	Ordinary Shares	100%
abrdn Financial Fairness Trust	N/A	100%
abrdn Financial Planning Limited3	Ordinary Shares	100%
abrdn Investments (Holdings) Limited	Ordinary Shares	100%
abrdn (Mauritius Holdings) 2006 Limited5	Ordinary Shares	100%
Focus Business Solutions Limited6	Ordinary Shares	100%
Focus Solutions Group Limited7	Ordinary Shares	100%
Standard Life Aberdeen Trustee Company Limited	Ordinary shares	100%
Standard Life Oversea Holdings Limited8	Ordinary Shares	100%
Standard Life Savings Limited	Ordinary Shares	100%
The Standard Life Assurance Company 2006	N/A	100%
Threesixty Services LLP9	Limited Liability Partnership	100%
Threesixty Support LLP9	Limited Liability Partnership	100%

 

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

 

Name of related undertaking	Share class1	% interest held2
21ASI Long Term Fund I SCSp10	Limited Partnership	0%
6 SAS 1 Limited	Ordinary Shares	100%
6 SAS 2 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.11	Ordinary shares	100%
Aberdeen Asia Pacific II (Offshore), LP12	Limited Partnership	0%
Aberdeen Asia Pacific Fund, LP12	Limited Partnership	0%
Aberdeen Asia Pacific Fund II, LP12	Limited Partnership	0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP12	Limited Partnership	0%
Aberdeen Asia Pacific III Ex-Co-Investment, LP12	Limited Partnership	0%
Aberdeen Asia Pacific III, LP12	Limited Partnership	0%
Aberdeen Asia Partners III, LP13	Limited Partnership	0%
Aberdeen ASIF Carry LP4	Limited Partnership	25%
Aberdeen Asset Investment Group Limited3	Ordinary shares	100%
Aberdeen Asset Investments Limited3	Ordinary shares	100%
Aberdeen Asset Management Cayman Limited12	Ordinary shares	100%
Aberdeen Asset Management Denmark A/S14	Ordinary shares	100%
Aberdeen Asset Management Finland Oy15	Ordinary shares	100%
Aberdeen Asset Management (Thailand) Ltd16	Ordinary shares	100%
Aberdeen Asset Management US GP Control LLC17	Limited Liability Company	100%
Aberdeen Asset Managers Limited4	Ordinary shares	100%
Aberdeen Asset Middle East Limited18	Ordinary shares	100%
Aberdeen Capital Management LLC17	Limited Liability Company	100%
Aberdeen Capital Managers GP LLC13	Limited Liability Company	100%
Aberdeen Claims Administration, Inc.19	Ordinary shares	100%
Aberdeen Co-Investment Mandate LP4	Limited Partnership	0%
Aberdeen Direct Property (Holding) Limited3	Ordinary shares	100%
Aberdeen Emerging Asia Fund, LP12	Limited Partnership	0%
Aberdeen Emerging Asia Pacific II (Offshore), LP12	Limited Partnership	0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP12	Limited Partnership	0%
Aberdeen Energy & Resource Company IV, LLC17	Limited Liability Company	73%
Aberdeen Energy & Resources Company V, LLC17	Limited liability company	100%
Aberdeen Energy & Resources Partners II, LP17	Limited Partnership	0%
Aberdeen Energy & Resources Partners III, LP17	Limited Partnership	0%
Aberdeen Energy & Resources Partners IV, LP17	Limited Partnership	1%
Aberdeen Energy & Resources Partners V, LP17	Limited Partnership	2%
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 III A Limited3	Ordinary shares	100%
Aberdeen European Infrastructure III B Limited3	Ordinary shares	100%
Aberdeen European Infrastructure IV Ltd3	Ordinary shares	100%
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	5%
Aberdeen European Residential Opportunities Fund SCSp20	Limited Partnership	0%
Aberdeen France S.A.21	Ordinary shares	100%
Aberdeen Fund Distributors LLC19	Limited Liability Company	100%
Aberdeen Fund Management II Oy22	Ordinary shares	100%
Aberdeen Fund Management Ireland Limited23	Ordinary shares	100%
Aberdeen General Partner 1 Limited4	Ordinary shares	100%
Aberdeen General Partner 2 Limited4	Ordinary shares	100%
Aberdeen General Partner CAPELP Limited12	Ordinary shares	100%
Aberdeen General Partner CGPLP Limited12	Ordinary shares	100%
Aberdeen General Partner CMENAPELP Limited12	Ordinary shares	100%
Aberdeen General Partner CPELP Limited12	Ordinary shares	100%
Aberdeen General Partner CPELP II Limited12	Ordinary shares	100%
Aberdeen Global ex-Japan FoF's LP12	Limited Partnership	5%
Aberdeen Global ex-Japan GP Limited12	Ordinary shares	100%
Aberdeen Global Infrastructure Carry GP Limited4	Ordinary shares	100%
Aberdeen Global Infrastructure GP Limited24	Ordinary shares	100%
Aberdeen Global Infrastructure GP II Limited24	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 LP25	Limited Partnership	0%
Aberdeen Global Infrastructure Partners II LP25	Limited Partnership	0%
Aberdeen Global Infrastructure Partners III Carry LP	Limited Partnership	25%
Aberdeen Global Partners, LP17	Limited Partnership	0%
Aberdeen GP 1 LLP4	Limited Liability Partnership	100%
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 Limited24	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 Inc24	Limited Partnership	0%
Aberdeen Institutional Commingled Funds LLC - Long Duration Corporate Bond Fund26	Unit Trust	100%
Aberdeen International Partners II, LP13	Limited Partnership	0%
Aberdeen International Partners II (Offshore), LP13	Limited Partnership	0%
Aberdeen International Partners III, LP13	Limited Partnership	0%
Aberdeen International Partners III (Offshore), LP13	Limited Partnership	0%
Aberdeen Investment Company Limited4	Ordinary shares	100%
Aberdeen Investment Solutions Limited4	Ordinary shares	100%
Aberdeen Investments Jersey Limited27	Ordinary shares	100%
Aberdeen Investments Limited3	Ordinary shares	100%
Aberdeen Keva Asia IV Property Partners SCSp11	Limited Partnership	0%
Aberdeen Liquidity Fund (Lux)
Aberdeen Standard Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund20	SICAV	100%
Aberdeen Next Generation Partners V, LP13	Limited Partnership	0%
Aberdeen Pension Trustees Limited4	Ordinary shares	100%
Aberdeen Pooling II GP AB28	Ordinary shares	100%
Aberdeen Private Equity Company VII, LLC17	Limited Liability Company	62%
Aberdeen Private Equity Company VIII, LLC17	Limited liability company	77%
Aberdeen Property Fund Finland I Feeder Ky22	Limited Partnership	0%
Aberdeen Property Fund Finland LP22	Limited Partnership	0%
Aberdeen Property Fund Management Estonia Ou29	Ordinary shares	100%
Aberdeen Property Fund Management (Jersey) Limited30	Ordinary shares	100%
Aberdeen Property Investors Estonia Ou29	Ordinary shares	100%
Aberdeen Property Investors France SAS21	Ordinary shares	100%
Aberdeen Property Investors (General Partner) S.a.r.l.31	Ordinary shares	100%
Aberdeen Property Investors Limited Partner Oy22	Ordinary shares	100%
Aberdeen Property Investors The Netherlands BV32	Ordinary shares	100%
Aberdeen Property Secondaries Partners II20	Limited Partnership	2%
Aberdeen Real Estate Fund Finland LP33	Limited Partnership	10%
Aberdeen Real Estate Operations Limited4	Ordinary shares	100%
Aberdeen Real Estate Partners II, LP13	Limited Partnership	0%
Aberdeen Real Estate Partners III, LP13	Limited Partnership	0%
Aberdeen Residential JV Feeder Limited Partner Oy22	Ordinary shares	100%
Aberdeen Secondaries II GP S.a.r.l.20	Ordinary shares	100%
Aberdeen Sidecar LP Inc24	Limited Partnership	0%
Aberdeen SP 2013 A/S14	Ordinary shares	100%
Aberdeen Standard 2019 European PE A Carry LP	Limited Partnership	40%
Aberdeen Standard 2019 European PE B Carry LP	Limited Partnership	40%
Aberdeen Standard ACS I
ASI Sustainable Index UK Equity Fund3	OEIC	58%
Aberdeen Standard Alternative Funds Limited	Ordinary Shares	100%
Aberdeen Standard Asset Management Limited	Ordinary Shares	100%
Aberdeen Standard Carlsbad Carry LP4	Limited Partnership	25%
Aberdeen Standard Carlsbad GP Limited24	Ordinary shares	100%
Aberdeen Standard Carlsbad LP4	Limited Partnership	0%
Aberdeen Standard Core Infrastructure III LTP LP	Limited Partnership	100%
Aberdeen Standard ECF II GP LP	Limited Partnership	0%
Aberdeen Standard European Infrastructure GP IV Limited3	Ordinary Shares	100%
Aberdeen Standard European Infrastructure Partners IV LP3	Limited Partnership	4%
Aberdeen Standard European Infrastructure Partners Carry IV LP	Limited Partnership	25%
Aberdeen Standard European Infrastructure Partners Co-invest IV LP3	Limited Partnership	0%
Aberdeen Standard European Property Growth Fund LP3	Limited Partnership	0%
Aberdeen Standard Fund Managers Limited3	Ordinary shares	100%
Aberdeen Standard Global Infrastructure GP III Ltd24	Ordinary shares	100%
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP	Limited Partnership	25%
Aberdeen Standard Global Infrastructure Partners III (2021) Carry LP25	Limited Partnership	25%
Aberdeen Standard Global Risk Mitigation Fund (Australia)34	Unit Trust	97%
Aberdeen Standard Greater China Value Fund35	Investment Trust	71%
Aberdeen Standard Group Limited	Ordinary Shares	100%
Aberdeen Standard Gulf Carry GP Limited4	Ordinary shares	100%
Aberdeen Standard Investment Management Limited	Ordinary Shares	100%
Aberdeen Standard Investments (Holdings) Limited	Ordinary shares	100%
Aberdeen Standard Investments (Switzerland) AG36	Ordinary shares	100%
Aberdeen Standard Investments Beteiligungs GmbH37	Limited Liability Company	94%
Aberdeen Standard Investments Colombia SAS38	Ordinary shares	100%
Aberdeen Standard Investments Deutschland AG37	Ordinary shares	90%
Aberdeen Standard Investments ETFs
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF39	ETF	95%
Aberdeen Standard Investments ETFs (US) LLC39	Limited liability company	100%
Aberdeen Standard Investments ETFs Advisors LLC39	Limited liability company	100%
Aberdeen Standard Investments ETFs Sponsor LLC39	Limited liability company	100%
Aberdeen Standard Investments Ireland Limited40	Ordinary shares	100%
Aberdeen Standard Investments Limited	Ordinary Shares	100%
Aberdeen Standard Investments Luxembourg Corporate Manager S.a.r.l.11	Ordinary shares	100%
Aberdeen Standard Investments Luxembourg S.A.41	Ordinary shares	100%
Aberdeen Standard Investments Sweden AB28	Ordinary shares	100%
Aberdeen Standard (Jersey) Limited42	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 General Partner S.a.r.l.20	Limited Liability Company	100%
Aberdeen Standard Multi-Sector Private Credit Fund SCSp20	Limited Partnership	3%
Aberdeen Standard OEIC I
ASI China A Share Equity Fund3	OEIC	45%
ASI Sterling Bond Fund3	OEIC	22%
ASI Sterling Long Dated Government Bond Fund3	OEIC	49%
Aberdeen Standard OEIC III
ASI MyFolio Sustainable I Fund3	OEIC	48%
ASI MyFolio Sustainable II Fund3	OEIC	32%
ASI MyFolio Sustainable V Fund3	OEIC	38%
Aberdeen Standard OEIC V
ASI Multi-Asset Climate Solutions Fund3	OEIC	77%
Aberdeen Standard Pan European Residential Property Fund SICAV-RAIF20	Limited Partnership	0%
Aberdeen Standard Private Equity Company IX, LLC17	Limited liability company	80%
Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC17	Limited liability company	80%
Aberdeen Standard Private Real Assets Co-investment Fund I GP, LP26	Limited partnership	0%
Aberdeen Standard Private Real Assets Co-Investment Fund I, LP17	Limited Partnership	1%
Aberdeen Standard Secure Credit LP	Limited Partnership	0%
Aberdeen Standard SICAV I
Aberdeen Standard SICAV I - Artificial Intelligence Global Equity Fund20	SICAV	50%
Aberdeen Standard SICAV I - ASI-CCBI Belt & Road Bond Fund20	SICAV	31%
Aberdeen Standard SICAV I - Asian Credit Bond Fund20	SICAV	47%
Aberdeen Standard SICAV I - Asian Sustainable Development Equity Fund20	SICAV	98%
Aberdeen Standard SICAV I - Climate Transition Bond Fund20	SICAV	96%
Aberdeen Standard SICAV I - Emerging Markets Local Currency Corporate Bond Fund20	SICAV	90%
Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Corporate Bond Fund20	SICAV	98%
Aberdeen Standard SICAV I - Europe ex UK Sustainable and Responsible Investment Equity Fund20	SICAV	24%
Aberdeen Standard SICAV I - German Equity Fund20	SICAV	34%
Aberdeen Standard SICAV I - Global Climate & Environment Equity Fund20	SICAV	100%
Aberdeen Standard SICAV II
Aberdeen Standard SICAV II - Dynamic Multi Asset Income Fund43	SICAV	100%
Aberdeen Standard SICAV II - Global Focused Equity Fund43	SICAV	94%
Aberdeen Standard SICAV II - Multi Asset Climate Opportunities43	SICAV	100%
Aberdeen Standard SICAV III
Aberdeen Standard SICAV III - Emerging Market Debt Sustainable and Responsible Investment Fund43	SICAV	100%
Aberdeen Standard SOF IV Feeder LP	Limited Partnership	0%
Aberdeen Standard SOF IV GP LP	Limited Partnership	25%
Aberdeen Standard SOF IV LP	Limited Partnership	0%
Aberdeen Standard SOF Evergreen GP LP	Limited Partnership	40%
Aberdeen Standard SOF Evergreen LP	Limited Partnership	0%
Aberdeen Standard UK Shopping Centre Feeder Fund Limited Partnership3	Limited Partnership	0%
Aberdeen Standard Unit Trust 1
ASI Diversified Growth Fund3	Unit trust	47%
Aberdeen Standard U.S. Private Equity IX, LP26	Limited Partnership	0%
Aberdeen Standard Venture Company XII, LLC17	Limited liability company	91%
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. Private Equity III (Offshore), LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity IV, LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity IV (Offshore), LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity IV SPV-A, LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity V, LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity V (Offshore), LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity V SPV-A, LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity VI, LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity VI (Offshore), LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity VI SPV-A, LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity VII, LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity VII (Offshore), LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity VIII, LP17	Limited Partnership	0%
Aberdeen U.S. Private Equity VIII (Offshore), LP17	Limited Partnership	0%
Aberdeen Venture Partners VII, LP17	Limited Partnership	0%
Aberdeen Venture Partners VII (Offshore), LP17	Limited Partnership	0%
Aberdeen Venture Partners VII SPV-A, LP17	Limited Partnership	0%
Aberdeen Venture Partners VIII, LP17	Limited Partnership	0%
Aberdeen Venture Partners VIII (Offshore), LP17	Limited Partnership	0%
Aberdeen Venture Partners VIII SPV-A, LP17	Limited Partnership	0%
Aberdeen Venture Partners VIII SPV-B, LP17	Limited Partnership	0%
Aberdeen Venture Partners VIII SPV-C, LP17	Limited Partnership	0%
Aberdeen Venture Partners IX, LP17	Limited Partnership	0%
Aberdeen Venture Partners IX (Offshore), LP17	Limited Partnership	0%
Aberdeen Venture Company X, LLC17	Limited Liability Company	63%
Aberdeen Venture Company XI, LLC17	Limited liability company	87%
Aberdeen Venture Partners X, LP17	Limited Partnership	1%
Aberdeen Venture Partners X (Offshore) LP17	Limited Partnership	0%
Aberdeen Venture Partners X SPV-A, LP17	Limited Partnership	0%
Aberdeen Venture Partners X SPV-B, LP17	Limited Partnership	0%
Aberdeen Venture Partners XI, LP17	Limited Partnership	1%
Aberdeen Venture Partners XI (Offshore), LP17	Limited Partnership	0%
Aberdeen Venture Partners XI SPV-A, LP17	Limited Partnership	0%
Aberdeen Venture Partners XI SPV-B, LP17	Limited Partnership	0%
Aberdeen Venture Partners XII, LP17	Limited Partnership	1%
Aberdeen Venture Partners XIII LP 17	Limited Partnership	100%
abrdn Asia Limited44	Ordinary shares	100%
abrdn Australia Ltd34	Ordinary shares	100%
abrdn Brasil Investimentos Ltda45	Limited Liability Company	100%
abrdn Canada Limited46	Ordinary shares	100%
abrdn Capital (CI) Limited27	Ordinary Shares	100%
abrdn Capital International Limited27	Ordinary Shares	100%
abrdn Capital Limited	Ordinary Shares	100%
abrdn Capital Partners LLP	Limited Liability Partnership	100%
abrdn Corporate Secretary Limited	Ordinary shares	100%
abrdn CP (Holdings) Limited	Ordinary Shares	100%
abrdn (CRED II) GP Limited	Ordinary shares	100%
abrdn Digital Solutions Limited	Ordinary Shares	100%
abrdn Financial Planning & Advice Limited3	Ordinary A Shares Ordinary B Shares	100%
abrdn Founder Co Limited	Ordinary shares	100%
abrdn Hong Kong Limited47	Ordinary shares	100%
abrdn Inc.17	Ordinary shares	100%
abrdn Investment Management Limited	Ordinary Shares	100%
abrdn Islamic Malaysia Sdn. Bhd.48	Ordinary shares	100%
abrdn Japan Limited49	Ordinary shares	100%
abrdn Korea Co. Limited50	Ordinary shares	100%
abrdn Korea GP 2 Pte. Ltd51	Ordinary shares	100%
abrdn Korea Separate Account 2 LP51	Limited Partnership	1%
abrdn Life and Pensions Limited3	Ordinary shares	100%
abrdn Malaysia Sdn. Bhd.48	Ordinary shares, Irredeemable non-convertible preference shares	100%
abrdn Nominees Services HK Limited47	Ordinary shares	100%
abrdn Portfolio Investments Limited	Ordinary Shares	100%
abrdn Portfolio Investments US Inc.17	Ordinary Shares	100%
abrdn Premises Services Limited	Ordinary Shares	100%
abrdn Private Equity (Europe) Limited	Ordinary Shares	100%
abrdn Private Fund Management (Shanghai) Company Limited52	Ordinary shares	100%
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited52	Ordinary shares	100%
abrdn (SLSPS) Pension Trustee Company Ltd	Ordinary shares	100%
abrdn SPV 2021 A GP, LLC17	Limited liability company	79%
abrdn Taiwan Limited35	Ordinary shares	100%
abrdn (USA) Limited	Ordinary Shares	100%
abrdn Venture Company XIII, LLC17	Limited liability company	91%
ACM Carry LP4	Limited Partnership	40%
AEROF (Luxembourg) GP S.a.r.l.20	Ordinary shares	100%
AERP V-A Master, LP17	Limited Partnership	0%
AIA Series T Holdings LLC26	Limited liability company	0%
AIPP Folksam Europe II Kommanditbolag53	Limited Partnership	0%
AIPP Pooling I SA20	Ordinary shares	100%
Airport Industrial GP Limited3	Ordinary shares	100%
Airport Industrial Limited Partnership3	Limited Partnership	0%
Aldwych Capital Partners, LP	Limited Partnership	0%
Andean Social Infrastructure Fund I LP12	Limited Partnership	1%
Andean Social Infrastructure GP Limited12	Ordinary shares	100%
Andean Social Infrastructure (No. 1) limited3	Ordinary shares	100%
Arden Garden State NJ Fund, LP26	Limited Partnership	1%
Arden Institutional Advisers, LP26	Limited Partnership	0%
Arden Institutional Fund LP26	Limited Partnership	0%
Arthur House (No.6) Limited3	Ordinary shares	100%
Artio Global Investors Inc.19	Ordinary shares	100%
ASI Core Private Equity Fund GP, LLC17	Limited liability company	94%
ASI Direct RE GP LLP	Limited Liability Partnership	100%
ASI European Long Income RE Fund SCSp20	Limited Partnership	9%
ASI European Private Equity 2019 B LP	Limited Partnership	0%
ASI (General Partner 2019 European PE A Carry) Limited	Ordinary shares	100%
ASI (General Partner 2019 European PE A) S.a.r.l.20	Ordinary shares	100%
ASI (General Partner 2019 European PE B) Limited	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.20	Ordinary Shares	100%
ASI (General Partner SOF IV) Limited	Ordinary Shares	100%
ASI (Gold) Limited7	Ordinary Shares	100%
ASI Han Co-Investment LP	Limited Partnership	90%
ASI (KFAS) RE GP LLP	Limited Liability Partnership	100%
ASI Little Mill Carry LP4	Limited Partnership	0%
ASI Little Mill LP4	Limited Partnership	0%
ASI Mid-Market 1 LP4	Limited Partnership	0%
ASI MM Executive Co Investment LP4	Limited Partnership	0%
ASI (NWPE 2021) Carry LP	Limited Partnership	0%
ASI PE 1 Carry LP4	Limited Partnership	40%
ASI (PGPE III) GP LP	Limited Partnership	40%
ASI Phoenix Fund Financing SCSp20	Limited Partnership	0%
ASI Phoenix Global Private Equity III LP	Limited Partnership	0%
ASI Phoenix Venture Capital Partners LP	Limited Partnership	0%
ASI Private Equity 1 LP4	Limited Partnership	0%
ASI Private Equity 2 GP LP	Limited Partnership	40%
ASI Private Equity 2 LP	Limited Partnership	0%
ASI (PVCP) GP LP	Limited Partnership	0%
ASI REMM GP LLP4	Limited Liability Partnership	100%
ASI Shin Co-Investment LP4	Limited Partnership	100%
ASI Shin Global Investment GP Limited12	Ordinary shares	100%
ASI (SOF E GP) Limited	Ordinary Shares	100%
ASI000 GP I S.àr.l.20	SICAV	100%
ASII - Emerging Markets Equity ADR Fund17	Ordinary Shares	100%
ASII - International Equity ADR Fund17	Ordinary shares	100%
ASII - US Equity Impact Fund17	Ordinary shares	100%
ASII - US Multi-Cap Equity Fund17	Ordinary shares	100%
ASII - US SMID Cap Equity Fund17	Ordinary shares	100%
ASPER (Luxembourg) GP S.a.r.l.20	Ordinary shares	100%
Baigrie Davies & Company Limited3	Ordinary shares	100%
Baigrie Davies Holdings Limited3	Ordinary shares	100%
Ballentine Core Private Equity Fund, LP17	Limited Partnership	25%
BoS Mezzanine Partners Fund LP54	Limited Partnership	0%
BOSEMP Feeder LP4	Limited Partnership	0%
C.C. U.S. Private Equity Fund, LP26	Limited Partnership	1%
C.C. U.S. Private Equity Fund II, LP17	Limited Partnership	0%
C.C. U.S. Private Equity Fund GP, LLC17	Limited Liability Company	81%
C.C. U.S. Private Equity Fund GP II, LLC17	Limited liability company	84%
Castlepoint General Partner Limited55	Ordinary Shares	100%
Castlepoint LP55	Limited Partnership	0%
Castlepoint Nominee Limited55	Ordinary shares	100%
Concession Infrastructure Investments Manager Limited56	Ordinary shares	50%
Coutts Asian Private Equity Limited Partnership12	Limited Partnership	0%
Coutts Global Property Limited Partnership12	Limited Partnership	0%
Coutts Middle East and North Africa Private Equity Limited Partnership12	Limited Partnership	0%
Coutts Private Equity Limited Partnership12	Limited Partnership	0%
Coutts Private Equity Limited Partnership II12	Limited Partnership	0%
CPP General Partner Limited Partnership	Limited Partnership	20%
Criterion Tec Holdings Ltd57	Ordinary shares	21%
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	0%
ESP II Co Investment Limited Partnership	Limited Partnership	0%
ESP II Conduit LP	Limited Partnership	0%
ESP II General Partner Limited Partnership	Limited Partnership	0%
ESP 2004 Co Investment Limited Partnership	Limited Partnership	0%
ESP 2004 Conduit LP	Limited Partnership	0%
ESP 2004 General Partner Limited Partnership	Limited Partnership	0%
ESP 2006 Co Investment Limited Partnership	Limited Partnership	0%
ESP 2006 Conduit LP	Limited Partnership	0%
ESP 2006 General Partner Limited Partnership	Limited Partnership	20%
ESP 2008 Coinvestment Fund LP	Limited Partnership	0%
ESP 2008 Coinvestment General Partner Limited partnership	Limited Partnership	0%
ESP 2008 Conduit LP	Limited Partnership	0%
ESP 2008 Executive Co Investment Limited Partnership	Limited Partnership	0%
ESP 2008 General Partner Limited Partnership	Limited Partnership	0%
ESP CPPIB European Mid Market Fund	Limited Partnership	1%
ESP General Partner Limited Partnership	Limited Partnership	0%
ESP Golden Bear Europe Fund	Limited Partnership	3%
ESP Golden Bear General Partner Limited Partnership	Limited Partnership	0%
ESP Tidal Reach General Partner Limited Partnership	Limited Partnership	20%
ESP Tidal Reach LP	Limited Partnership	1%
European Strategic Partners	Limited Partnership	0%
European Strategic Partners - I LP	Limited Partnership	0%
European Strategic Partners II 'A'	Limited Partnership	0%
European Strategic Partners II 'B'	Limited Partnership	0%
European Strategic Partners II 'C'	Limited Partnership	0%
European Strategic Partners II 'D'	Limited Partnership	0%
European Strategic Partners II 'E'	Limited Partnership	0%
European Strategic Partners 2004 'A'	Limited Partnership	0%
European Strategic Partners 2004 'B'	Limited Partnership	0%
European Strategic Partners 2006 'A'	Limited Partnership	0%
European Strategic Partners 2006 'B'	Limited Partnership	0%
European Strategic Partners 2008 'A'	Limited Partnership	0%
European Strategic Partners 2008 'B'	Limited Partnership	0%
European Strategic Partners Scottish 'B'	Limited Partnership	0%
European Strategic Partners Scottish 'C'	Limited Partnership	0%
Finimize Limited3	Ordinary shares	100%
Flag Asia Company III, LLC17	Limited liability company	100%
Flag Asia Company III, LP17	Limited Partnership	0%
Flag Energy & Resource Company II, LLC17	Limited liability company	100%
Flag Energy & Resource Company III, LLC17	Limited liability company	100%
Flag GG Opportunity Company, LLC17	Limited liability company	100%
Flag Global Company, LLC17	Limited liability company	100%
Flag International Company, LLC17	Limited liability company	100%
Flag International Company II, LLC17	Limited liability company	100%
Flag International Company III, LLC17	Limited liability company	100%
Flag International Company, LP17	Limited Partnership	0%
Flag International Company II, LP17	Limited Partnership	0%
Flag International Company III, LP17	Limited Partnership	0%
Flag Offshore GP, Ltd58	Ordinary shares	100%
Flag Private Equity Company, LLC17	Limited liability company	100%
Flag Private Equity Company II, LLC17	Limited liability company	100%
Flag Private Equity Company III, LLC17	Limited liability company	100%
Flag Private Equity Company IV, LLC17	Limited liability company	100%
Flag Private Equity Company V, LLC17	Limited liability company	100%
Flag Private Equity Company VI, LLC17	Limited liability company	100%
Flag Private Equity Company III, LP17	Limited Partnership	0%
Flag Private Equity Company IV, LP17	Limited Partnership	0%
Flag Private Equity Company V, LP17	Limited Partnership	0%
Flag Real Assets Company LLC17	Limited liability company	100%
Flag Real Estate Company II, LLC17	Limited liability company	100%
Flag Real Estate Company III, LLC17	Limited liability company	100%
Flag Squadron Asia Pacific III GP LP12	Limited Partnership	0%
Flag Venture Company II, LLC17	Limited liability company	100%
Flag Venture Company III, LLC17	Limited liability company	100%
Flag Venture Company IV, LLC17	Limited liability company	100%
Flag Venture Company V, LLC17	Limited liability company	100%
Flag Venture Company VI, LLC17	Limited liability company	100%
Flag Venture Company VII, LLC17	Limited liability company	100%
Flag Venture Company VIII, LLC17	Limited liability company	100%
Flag Venture Company IX, LLC17	Limited liability company	100%
Flag Venture Company VI, LP17	Limited Partnership	0%
Flag Venture Company VII, LP17	Limited Partnership	0%
Flag Venture Company VIII, LP17	Limited Partnership	0%
Focus Software Limited7	Ordinary Shares	100%
FOF III Venture Company, LLC17	Limited liability company	100%
FOF IV Venture Company, LLC17	Limited liability company	100%
FOF V Venture Company, LLC17	Limited liability company	100%
Fraser Heath Financial Management Limited3	Ordinary Shares	100%
FSA III EA SPV, LP12	Limited Partnership	0%
FSA III Pacific SPV, LP12	Limited Partnership	0%
Griffin Nominees Limited3	Ordinary shares	100%
Heng An Standard Life Insurance Company Limited59	Ordinary Shares	50%
Ignis Asset Management Limited	Ordinary Shares	100%
Ignis Cayman GP2 Limited12	Ordinary Shares	100%
Ignis Cayman GP3 Limited12	Ordinary Shares	100%
Ignis Fund Managers Limited8	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	0%
Murray Johnstone Holdings Limited8	Ordinary shares	100%
Murray Johnstone Limited4	Ordinary shares	100%
NASP 2006 General Partner Limited Partnership	Limited Partnership	5%
NASP 2006 Special Limited Partnership	Limited Partnership	0%
NASP 2008 General Partner Limited Partnership	Limited Partnership	0%
NASP 2008 Special Limited Partnership	Limited Partnership	0%
Next Generation Associates III, LLC17	Limited liability company	100%
Next Generation Associates IV, LLC17	Limited liability company	100%
Next Generation Associates V, LLC17	Limited liability company	100%
Next Generation Associates V, LP17	Limited Partnership	0%
North American Strategic Partners, LP60	Limited Partnership	0%
North American Strategic Partners 2006 LP12	Limited Partnership	0%
North American Strategic Partners 2008 LP12	Limited Partnership	0%
North American Strategic Partners Companion Fund LP60	Limited Partnership	0%
North American Strategic Partners (Feeder) 2006	Limited Partnership	0%
North American Strategic Partners (Feeder) 2008 Limited Partnership	Limited Partnership	0%
North East Trustees Limited3	Ordinary A Shares Ordinary B Shares	100%
Origo Services Limited57	Ordinary shares	19%
Orion Partners CLP Inc.61	Ordinary shares	100%
Orion Partners Services Inc.61	Ordinary shares	100%
Ostara China Real Estate Fund LP61	Limited Partnership	0%
Ostara Japan Fund 3 LP61	Limited Partnership	1%
Ostara Korea GP 2 Pte. Ltd51	Ordinary shares	100%
Ostara Korea Separate Account LP51	Limited Partnership	0%
Ostara Partners Inc. China61	Ordinary shares	100%
Ostara Partners Inc. Japan 361	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%
Parnell Fisher Child & Co. Limited3	Ordinary Shares	100%
Parnell Fisher Child Holdings Limited3	Ordinary A Shares Ordinary B Shares	100%
PE1 LP4	Limited Partnership	0%
PE1A LP4	Limited Partnership	0%
PE2 Carry LP4	Limited Partnership	40%
PE2 LP4	Limited Partnership	0%
Pearl Private Equity LP	Limited Partnership	0%
Pearl Strategic Credit LP	Limited Partnership	0%
Pearson Jones & Company (Trustees) Limited3	Ordinary Shares	100%
Pearson Jones Nominees Limited3	Ordinary Shares	100%
PGB European Buy-out Fund I SCSp20	Limited Partnership	0%
PT Aberdeen Standard Investments Indonesia62	Limited Liability Company	99%
PURetail Luxembourg Management Company S.a.r.l.41	Class A shares	50%
Regent Property Partners (Retail Parks) Limited3	Ordinary shares	100%
Serin Wealth Limited7	Ordinary shares	100%
SG Commercial LLP63	Limited Liability Partnership	60%
Shin Global Investment Partners LP12	Limited Partnership	50%
SL Capital 2016 Co-Investment GP LP	Limited Partnership	5%
SL Capital 2016 Co-Investment LP	Limited Partnership	5%
SL Capital ECF GP LP	Limited Partnership	4%
SL Capital ESF I GP LP	Limited Partnership	0%
SL Capital ESF I LP	Limited Partnership	1%
SL Capital European Co-Investment B LP	Limited Partnership	0%
SL Capital European Co-Investment LP	Limited Partnership	0%
SL Capital Ignis Private Equity Founder LP	Limited Partnership	65%
SL Capital Ignis Strategic Credit Founder LP	Limited Partnership	0%
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp20	Limited Partnership	0%
SL Capital Infrastructure I GP LP	Limited Partnership	0%
SL Capital Infrastructure I LP	Limited Partnership	0%
SL Capital Infrastructure II LTP LP	Limited Partnership	100%
SL Capital Infrastructure II SCSp64	Limited Partnership	0%
SL Capital Infrastructure Secondary I GP LP	Limited Partnership	0%
SL Capital Infrastructure Secondary I LP	Limited Partnership	0%
SL Capital Infrastructure Secondary II LP	Limited Partnership	25%
SL Capital NASF I A LP	Limited Partnership	2%
SL Capital NASF I Carry LP	Limited Partnership	0%
SL Capital NASF I GP LP	Limited Partnership	0%
SL Capital NASF I LP	Limited Partnership	0%
SL Capital Partners (US) Limited8	Ordinary Shares	100%
SL Capital Pearl Private Equity GP LP	Limited Partnership	0%
SL Capital Pearl Strategic Credit GP LP	Limited Partnership	1%
SL Capital SOF I Feeder LP	Limited Partnership	0%
SL Capital SOF II Feeder LP	Limited Partnership	1%
SL Capital SOF III Feeder LP	Limited Partnership	0%
SL Capital SOF I GP LP	Limited Partnership	0%
SL Capital SOF II GP LP	Limited Partnership	0%
SL Capital SOF III GP LP	Limited Partnership	0%
SL Capital SOF I LP	Limited Partnership	0%
SL Capital SOF II LP	Limited Partnership	0%
SL Capital SOF III LP	Limited Partnership	0%
SLC EC I Executive Co Investment Limited Partnership	Limited Partnership	0%
SLCI I Executive Co Investment Limited Partnership	Limited Partnership	0%
SLCI II Executive Co-Investment LP	Limited Partnership	0%
SLCI Rail Co-Invest LP	Limited Partnership	0%
SLCP (Founder Partner Ignis Private Equity) Limited	Ordinary Shares	100%
SLCP (Founder Partner Ignis Strategic Credit) Limited	Ordinary Shares	100%
SLCP (General Partner) Limited	Ordinary Shares	100%
SLCP (General Partner II) 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 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%
SLIF Property Investment LP	Limited Partnership	0%
SLIPC (General Partner Infrastructure II LTP 2017) Limited	Ordinary Shares	100%
SLIPC (General Partner Infrastructure II) S.a.r.l.64	Ordinary Shares	100%
SLIPC (General Partner Infrastructure III) S.à r.l.20	Ordinary shares	100%
SLIPC (General Partner PMD Co-Invest 2017) Limited	Ordinary Shares	100%
SLIPC (General Partner SCF 1) Limited	Ordinary Shares	100%
SLTM Limited	Ordinary Shares	100%
SOF I Executive Co Investment Limited Partnership	Limited Partnership	0%
SOF II Executive Co Investment Limited Partnership	Limited Partnership	0%
SOF III Executive Co Investment Limited Partnership	Limited Partnership	0%
SOF IV Executive Co Investment Limited Partnership	Limited Partnership	0%
SOF IV Carry LP	Limited Partnership	25%
Squadron Asia Pacific Fund, LP12	Limited Partnership	0%
Squadron Asia Pacific Fund II, LP12	Limited Partnership	0%
Squadron Capital Asia Pacific GP, LP12	Limited Partnership	100%
Squadron Capital Asia Pacific II GP LP12	Limited Partnership	100%
Squadron Capital Partners Limited12	Ordinary shares	100%
Squadron GP Participation, LP12	Limited Partnership	0%
Squadron GP Participation II, LP12	Limited Partnership	0%
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 Investments Brent Cross General Partner Limited	Ordinary Shares	100%
Standard Life investments Brent Cross LP	Limited Partnership	0%
Standard Life Investments Commercial Real Estate Debt LP3	Limited Partnership	0%
Standard Life Investments European RE Club (Offshore Feeder) Ltd12	Ordinary shares	100%
Standard Life Investments European RE Club II (Offshore Feeder) Ltd12	Ordinary shares	100%
Standard Life investments European Real Estate Club LP3	Limited Partnership	2%
Standard Life Investments European Real Estate Club II LP3	Limited Partnership	1%
Standard Life Investments European Real Estate Club III LP3	Limited Partnership	2%
Standard Life Investments European Real Estate Club LP Feeder Fund12	Limited Partnership	0%
Standard Life Investments European Real Estate Club II LP Feeder Fund12	Limited Partnership	0%
Standard Life Investments (General Partner CRED) Limited3	Ordinary Shares	100%
Standard Life Investments (General Partner ELIREF) S.a.r.l.20	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 UK Shopping Centre Feeder Fund LP) Limited3	Ordinary Shares	100%
Standard Life Investments Global Absolute Return Strategies Master Fund Limited12	Ordinary Shares	100%
Standard Life Investments Global Absolute Return Strategies Offshore Feeder Fund Limited12	Ordinary shares	100%
Standard Life Investments Global Absolute Return Strategies Onshore Feeder Fund, LP17	Limited Partnership	0%
Standard Life Investments (Mutual Funds) Limited	Ordinary Shares	100%
Standard Life Investments UK Shopping Centre Feeder Fund Company Limited65	Ordinary shares	100%
Standard Life Savings Nominees Limited	Ordinary Shares	100%
Tenet Group Limited66	Ordinary B Shares	25%
Tenon Nominees Limited4	Ordinary shares	100%
The Munro Partnership Ltd	Ordinary Shares	100%
Threesixty Partnerships Limited9	Ordinary Shares	100%
Touchstone Insurance Company Limited67	Ordinary Shares	100%
TPIF (No. 1) GP LLP68	Limited Liability Partnership	60%
TPIF (No. 1) LP68	Limited Partnership	0%
TPIF (Portfolio No. 1) GP LLP63	Limited Liability Partnership	60%
TPIF (Portfolio No. 1) LP63	Limited Partnership	0%
TPIF (Portfolio No. 1) Nomine Limited63	Ordinary Shares	60%
Tritax Aberdeen HQ Office (General Partner) Limited63	Ordinary Shares	60%
Tritax Aberdeen HQ Office Limited Partnership69	Limited Partnership	0%
Tritax Assets LLP63	Limited Liability Partnership	60%
Tritax Delivery Systems Limited63	Ordinary Shares	60%
Tritax LMR Carry GP LLP68	Limited Liability Partnership	60%
Tritax LMR Carry Limited Partnership68	Limited Partnership	7%
Tritax Management LLP3	Limited Liability Partnership	60%
Tritax Securities LLP63	Limited Liability Partnership	60%
Two Rivers One Limited30	Ordinary Shares	100%
Two Rivers Two Limited30	Ordinary Shares	100%
UK PRS Opportunities General Partner Limited3	Ordinary shares	100%
UK PRS Opportunities LP3	Limited Partnership	0%
Virgin Money Unit Trust Managers Limited70	Ordinary shares	50%
VZWL Private Equity GmbH & Co geschlossene Investment KG37	Limited Partnership	0%
Waverley Healthcare Private Equity Limited4	Ordinary shares	100%

1.  OEIC = Open-ended investment company

      SICAV = Société d'investissement à capital variable

      ETF = Exchange traded fund

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 Queens Terrace, Aberdeen, AB10 1XL

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

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

7. 30 Finsbury Square , London, EC2A 1AG

8. 7 Exchange Crescent, Conference Square, Edinburgh, EH3 8AN

9. 2nd Floor, The Royals, Altrincham Road, Sharston, Manchester M22 4BJ

10. 6, rue Gabriel Lippmann L - 5365 Munsbach, Luxembourg

11. 2-8 avenue Charles De Gaulle, L-1653 Luxembourg, Luxembourg

12. c/o Maples Corporate Services Limited ,Ugland House, P.O. Box 309, Grand Cayman, KY1-1104, Cayman Islands

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

14. Tuborg Havnevej 15, DK-2900 Hellerup, Denmark

15. c/o Asianajotoimisto DLA Piper Finland Oy, Fabianinkatu 23, FI-00130 Helsinki, Finland

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

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

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

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

20. 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg

21. 29 Rue De Berri, Paris, 75008, France

22. Kaivokatu 6, FI-00100, Helsinki, Finland

23. 40 Upper Mount Street, Dublin 2, Ireland

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

25. P.O. Box 406, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 3GG

26. 1900 Market St, Suite 200, Philadelphia, PA 19103, USA

27. 1st Floor, Sir Walter Raleigh House, Esplanade, St Helier, JE2 3QB, Jersey

28. Box 3039, Stockholm, 103 63, Sweden

29. Harju maakond, Tallinn, Kesklinna linnaosa, Ahtri tn 6a, 10151, Estonia

30. Level 1, 1FC1, Esplanade, St Helier, JE2 3BX, Jersey

31. 2B rue Albert Borschette, L-1246 Luxembourg , Luxembourg

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

33. Mikonkatu 9 Fin 00100, Helsinki, Finland

34. Level 10, 255 George Street, Sydney, NSW 2000, Australia

35. 8F-1, No. 101, Songren Road, Taipei City, 110, Taiwan, Republic of China

36. Schweizergasse 14, Zurich, 8001, Switzerland

37. Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany

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

39. 712 5th Ave, New York, NY 10019, USA

40. 24 Merrion Row, Dublin 2, Ireland

41. 80, route d'Esch, L-1470 Luxembourg, Luxembourg

42. 44 Esplanade, St Helier, Jersey, JE4 9WG

43. 2-4, Rue Eugène Ruppert, L-2453 Luxembourg, Luxembourg

44. 21 Church Street, #01-01, Capital Square Two, 049480, Singapore

45. Rua Joaquim Floriano, 913 - 7th floor - Cj. 71, Itaim Bibi, São Paulo, 04534-013, Brasil

46. 1 First Canadian Place, 100 King Street West, Toronto, Ontario, Canada

47. 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong

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

49. Otemachi Financial City Grand Cube 9F, 1-9-2 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan

50. 13th Fl., B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam-daero, Seocho-gu, Seoul, Korea

51. 80 Robinson Road, #02-00, 068898, Singapore

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

53. Sveavägen 24, 111 57 Stockholm, Sweden

54. Fourth Floor, 7 Castle Street, Edinburgh, EH2 3AH

55. 11th Floor, Two Snow Hill, 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. 7 Lochside View, Edinburgh, EH12 9DH

58. Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands

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

62. 16th Floor, Menara DEA Tower 2, 16th Floor, Kawasan Mega Kuningan, Jl Mega Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia

63. 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN

64. 2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg

65. Ogier House, Esplanade, St Helier, JE4 9WG, Jersey

66. 5 Lister Hill, Horsforth, Leeds LS18 5AZ

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

68. 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ

69. DWF LLP, 110 Queen Street, Glasgow, G1 3HD

70. Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL