Directorate Change

Resolution Limited

("Resolution" or the "Company")

Directorate change

Clive Cowdery and John Tiner have notified the Company that they will not stand for re-election as non-executive directors of the Company at the 2014 Annual General Meeting ("AGM") to be held on 8 May 2014.

Clive Cowdery and John Tiner were instrumental in the foundation of the Company in 2008 and both now believe, as the Group has completed its restructuring phase, that it is the right time to step down from the Board.

The Board has today announced its results for the year ended 31 December 2013 demonstrating a turnaround in profitability delivered through a focus on rigorous financial discipline. Sustainable Free Surplus has risen from less than £100m in 2010 to £331m in 2013 and new business cash strain has reduced by £251m over the same period, supporting the delivery of a Group IRR of 15.3%.

Clive and John have an interest in the limited partner RCAP UK Limited ("RCAP"), which holds a capital interest in Resolution Holdco No. 1 LP, the Guernsey based partnership structure through which the Friends Life Group is owned. Although RCAP has no role in decisions in relation to the conduct or management of the business, a quarterly partnership advisory committee to include representatives of RCAP, will be formed. This will enable the sharing of views regarding the future direction of the Company. There will be no sharing of inside information through the partnership advisory committee.

There are no immediate plans to appoint further directors to replace Clive and John, and the composition of the Board will continue to be considered as part of the general succession planning process.

- Ends -

Notes to Editors:

Clive and John have been on the Board of the Company since March 2013 when the membership of the Boards of the Company and Friends Life Group plc were unified, having also served on the Board of Friends Life Group plc since 2009.

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This announcement includes statements that are, or may be deemed to be, "forward-looking statements" with respect to Resolution, its subsidiary undertakings and their outlook, plans and current goals. In some cases, these forward-looking statements can be identified by the use of forward looking terminology, including the terms "targets", "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend upon circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Resolution's actual performance, results of operations, internal rate of return, financial condition, liquidity, distributions to shareholders and the development of its acquisition, financing and restructuring and consolidation strategies may differ materially from the impression created by the forward-looking statements contained in this announcement. Forward-looking statements in this announcement are current only as of the date of this announcement. Resolution undertakes no obligation to update the forward-looking statement it may make. Nothing in this announcement should be construed as a profit forecast.