Press release

May 19, 2005

The Standard Life Assurance Company of Canada announces changes to its Executive Team

Montreal, May 19, 2005 - Joseph Iannicelli, President and Chief Executive Officer, The Standard Life Assurance Company of Canada, is pleased to announce the following changes within his executive team.

Mr. Anthony Cardone has been appointed Senior Vice-President, Group Savings and Retirement. In his new role, he will be responsible for the evolution and management of the marketing, sales and customer services strategies for Group Savings & Retirement. Prior to this appointment, he held the position of Vice-President, Marketing & Sales Development-Retail Markets from 2003 to March 2005, at the same time as being Senior Vice-President Marketing, Standard Life Mutual Funds Ltd from 2002 to March 2005.

Mr. Jean Guay has been appointed Senior Vice-President, Group Insurance. In his new role, he will be responsible for the development and management of the sales, pricing, marketing, risk management and customer service functions for Group Insurance. Prior to this appointment, he held the positions of Senior Vice-President, Information Technology from April 2004 to March 2005 and Senior Vice-President, Customer Services from 1997 to April 2004. He has been a member of the executive team since 1997.

Mr. Christian Martineau has been appointed Senior Vice-President, Finance and Information Technology. In his new role, he will be responsible for the technological infrastructure as well as the development and growth of information systems of the Company, in addition to his current responsibility for the financial and management information systems, including corporate accounting, planning and budgeting, corporate actuarial, investment administration taxation and for overseeing enterprise risk management. Prior to this appointment, he held the position of Senior Vice-President, Finance from 1997 to March 2005. He has been a member of the executive team since 1988.

Ms. Penny Westman has been appointed Senior Vice-President, Legal and Compliance. In her new role, she will be responsible for providing legal services, setting compliance policies, monitoring and reporting on compliance to meet legislative and regulatory requirements. Prior to this appointment, she held the position of Vice-President, General Counsel & Secretary from June 1998 to March 2005.

Ms. Michle Parent has been appointed Vice-President, External Communications and Corporate Affairs. In her new role, she will be responsible for media and regulatory relations, corporate branding, advertising, graphic and multimedia design, client relations and the Ombudsman. Prior to this appointment, she held the position of Vice-President, Disability Risk Management, Health & Wellness from November 2003 to March 2005.

The following people will continue to report to the President:

• Mr. Alain Brunet, Senior Vice-President, Retail Markets
• Ms. Perla Kessous, Senior Vice-President, Human Resources and Corporate Services
• Mr. Tien Can, Vice-President, Internal Audit and Ethics Officer

"This new Executive Team will allow us to better position ourselves for growth in the future and continue our success in the Canadian market place," said Mr. Iannicelli.

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Sources:

Michle Parent
Vice-President
External Communications and Corporate Affairs
Standard Life
Telephone: (514) 499 4273

Note to the editor:

In Canada, The Standard Life Assurance Company of Canada and its affiliated companies have $36.1 billion in assets under management and offer a wide range of financial products, including group savings and retirement, group insurance, individual life insurance, savings and retirement, and mutual funds. They also provide portfolio management and real estate and mortgage investment services. Total premium income and deposits reached $4.6 billion in 2004 with over 1.2 million customers. (www.standardlife.ca)

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