Directorate Change

2 May 2013

Resolution Limited (the "Company")

Directorate Change

The Company today announces the following changes to the composition and responsibilities of its Board and Committees:

·; Roger Perkin will join the board as a Non-Executive Director and member of the Audit Committee following the Annual General Meeting on 16 May 2013, subject to FCA and PRA approval.

·; Phil Hodkinson has informed the Company that he wishes to retire from the Board with effect from the end of the Annual General Meeting to be held on 16 May 2013.

·; David Allvey has been appointed as Senior Independent Director with immediate effect. David is Chair of the Risk and Compliance Committee and a member of the Remuneration, Audit and Nomination Committees.

Roger is currently a Non-Executive Director of the Nationwide Building Society where he is the Senior Independent Director. He also holds non-executive directorships at Electra Private Equity plc and Tullett Prebon plc. At each of the above organisations he chairs the Audit Committee and is also a member of a number of other Board Committees. Roger was formerly a partner at Ernst & Young LLP where he spent 40 years in the accounting profession. He was a Non-Executive Director at The Evolution Group plc until its acquisition in December 2011. He is also a trustee of two charities, Chiddingstone Castle and Crime Reduction Initiatives. He is a member of the Institute of Chartered Accountants of England and Wales.

David was appointed an independent non-executive director of Friends Life Group plc ('FLG') in November 2009 and was Senior Independent Director for FLG from November 2010 until March 2013. Davidhas extensive experience in the financial services sector, having held senior executive positions in major international businesses including appointments as Group Finance director of BAT Industries and Barclays plc, and as Chief Operating Officer for Zurich Financial Services. He was a member of the UK Accounting Standards Board and has been the Senior Independent Director at Intertek Group plc, William Hill plc and a non-executive director at Thomas Cook Group plc. In addition, he was Chairman of Arena Coventry Limited until May 2012. David is currently the Chairman of Costain Group plc and holds non-executive directorships with Clydesdale Bank plc and National Australia Group Europe Limited.

Commenting on the changes, Mike Biggs, Chairman of Resolution Limited, said:

"I am delighted that Roger has agreed to join the Board and Audit Committee. He brings a wealth of commercial experience and insight as well as extensive recent and relevant financial expertise to further strengthen the Audit Committee. Roger will be a valuable addition to the Group as we focus on delivering long-term sustainable growth.

"I would like to thank Phil for the significant contribution he has made to the Board and Committees of Resolution Limited and as Senior Independent Director over the last five years. Having successfully overseen the appointment of my successor and a further independent director, Phil has decided to retire from the Board from the end of the Annual General Meeting. I am grateful for his stewardship through these changes and wish him well for the future. 

"David is well positioned to take on the role of Senior Independent Director given his extensive experience and having been Senior Independent Director of Friends Life Group plc since November 2010."

This announcement is made in accordance with Listing Rule 9.6.11. In accordance with paragraph LR 9.6.13R of the Listing Rules, the Company confirms that there is no information to be disclosed in terms of LR 9.6.13R (2) to LR 9.6.13R (6) inclusive in respect of Roger Perkin.

It is proposed that resolution number 10 of the Company's Notice of Annual General Meeting, which relates to the re-election of Phil Hodkinson as a Director of the Company, will be withdrawn at the Annual General Meeting.

All Enquiries:

Resolution Limited

Resolution Limited is a Guernsey incorporated company with a premium listing in the UK and shares traded on the main market of the London Stock Exchange.

Resolution is a life insurance business which provides a range of pension, investment and insurance products and services through its trading name, Friends Life. Operating in eight countries around the world, Resolution manages funds of over £114 billion on behalf of its customers. In the year ended 31 December 2012, Resolution reported operating profit before tax of £382m (on an MCEV basis).

For more information visit www.resolution.gg