Standard Life Assurance Company: SL MACS and SL MACS (No2) p.l.c.

4 Nov 2004

We provide a director to each of SL MACS plc and SL MACS (No.2) p.l.c. These companies issue mutual assurance capital securities, which are quoted euro bonds, the proceeds being advanced by the companies to Standard Life Assurance Company under a subordinated members account agreement.

Law Debenture also provides trustee services within the structure.

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