abrdn plc ("the Company")

Sale of shares in HDFC Life Insurance Company Limited ("HDFC Life") by abrdn (Mauritius Holdings) 2006 Limited ("aMH06")

The Company announces that on Wednesday 31 May 2023, aMH06, a wholly owned subsidiary of the Company, sold 35,694,105¹ shares in HDFC Life (the "Shares") on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.

The Shares were sold at an average price of Rs 579.6¹ which will result in aMH06 receiving approximately Rs 20,415m (£198m²), net of taxes and expenses, from the sale.  As advised at the time of the Company's Full Year Results, the Company is committed to returning a significant proportion of capital generated from further stake sales by way of share buybacks.  A further announcement will be made in due course.

The Shares sold constituted 1.66% of the paid-up, issued equity share capital of HDFC Life and aMH06 now has no remaining shareholding in HDFC Life.

31 May 2023

¹ Based on current trade data available, final contract amounts and price will be confirmed by the stock exchanges after market close on 31 May 2023

² Based on INR|GBP exchange rate of 102.958

Established in 2000, HDFC Life is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity and Health. As at 31 March 2023, HDFC Life had profit before tax of Rs 12,822 million and gross assets of Rs 2,397,008 million.

Enquiries:

LEI: OTMBS544NMO7GLCE7H90

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