Appointment of Chairman-Designate

RESOLUTION LIMITED

(the "Company")

Resolution Limited

21 January 2013

RESOLUTION LIMITED NAMES SIR MALCOLM WILLIAMSON AS CHAIRMAN DESIGNATE

Resolution Limited is pleased to name Sir Malcolm Williamson as Chairman Designate. Subject to approval from the Financial Services Authority, Sir Malcolm will succeed Mike Biggs when he steps down as Chairman of the Company later this year following completion of the move to a more conventional, simplified governance structure, as originally announced on 15 August 2012.

As Chairman of Friends Life Group plc since February 2010, Sir Malcolm brings considerable experience and knowledge of the business. He has significant experience in the financial services industry, having previously been Chief Executive of Standard Chartered and of Visa International, Chairman of National Australia Group Europe and of Britannic Group, and Deputy Chairman of Resolution plc.

It is expected that Sir Malcolm will join the board of the Company when the membership of the boards of the Company and Friends Life Group plc are unified at the end of March 2013. The changes to the Company's board are subject to shareholder approval of proposed amendments to the Company's constitution. The new board will be chaired by Mike Biggs for an interim transition period, with Sir Malcolm as Deputy Chairman, Andy Briggs as Group CEO and Tim Tookey as Group CFO.

In addition to the board members announced on 19 October 2012, the Company expects to appoint an additional independent non-executive director in due course, and a search process is under way.

Sir Malcolm said:

"I am delighted to be named as Chairman Designate of the Company. I look forward to working with Mike during the transition, and thereafter as Chairman, for the next phase of the evolution of Resolution Limited"

Phil Hodkinson, who led the nomination committee process, said:

"Sir Malcolm brings a wealth of experience as a chairman to the role. He has been instrumental in strengthening the senior management of Friends Life and the continuity of his leadership at this pivotal time in the development of business will ensure that the current operational progress is maintained."

Mike Biggs, Chairman of Resolution Limited, said:

"I am pleased that my colleagues have nominated Sir Malcolm Williamson to succeed me as Chairman of Resolution Limited later this year. Sir Malcolm's experience as a chairman, as well as his understanding of the Group's operations, its people and its regulatory and governance framework, will equip him well to lead the Company in the future."

Enquiries:

Investors/analysts

Neil Wesley, Resolution Operations LLP +44 (0)203 372 2928

Media

Alex Child-Villiers, Temple Bar Advisory +44 (0)7795 425580

Notes to editors:

1. Subject to shareholder approval to permit the proposed changes to the boards' composition and election to the board of the Company at the AGM to be held on 16 May 2013, and subject to regulatory approval Sir Malcolm Williamson will be appointed for an initial three-year term, with annual re-elections and 6 months notice of termination in either direction.

2. Sir Malcolm will be paid a total annual fee of £360,000 when he assumes the role as chairman of the unified boards of the Company and Friends Life. As chairman of Friends Life Group, his current annual fee is £300,000.

3. Sir Malcolm was appointed a director of Friends Life Group plc on 5 November 2009 and Chairman on 9 February 2010. He is also Chairman of Cass Business School's Strategy & Development Board and Invicta Card Services Limited, Chairman of the Board of Trustees for The Prince of Wales Youth Business International Limited and a member of the Board of Trustees for Youth Business America. He was previously Chairman of Clydesdale Bank plc, National Australia Group Europe Limited, Signet Jewelers Limited, CDC Group plc and Britannic Group plc, Deputy Chairman of Resolution plc and a non-executive director of G4S plc, JPMorgan Cazenove Holdings, National Grid Group plc and National Australia Bank Limited and a member of the Board of Trustees for the International Business Leaders Forum. Sir Malcolm worked for Barclays Bank PLC until 1985. He was then appointed a member of the Post Office Board and Managing Director of Girobank plc. In 1989, he joined Standard Chartered plc and became Group Chief Executive. In 1998, he moved to San Francisco, USA, as President and CEO of Visa International until 2004.

4. For the purposes of this appointment a Special Committee chaired by Phil Hodkinson, Senior Independent Director of the Company, was formed to undertake the search and make a recommendation to the Company's Nomination Committee and subsequently to the boards of the Company and Friends Life Group. The Special Committee comprised the non-executive directors of the Company and Friends Life who it is proposed will be members of the new unified boards, excluding Mike Biggs and Sir Malcolm. The external search and candidate selection process was supported by Spencer Stuart.

A copy of this announcement is available, subject to certain restrictions relating to persons resident in restricted jurisdictions, for inspection on the Company's website at www.resolution.gg

For the avoidance of doubt any other information contained on the Company's website does not form part of this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

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