Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Dexion Absolute Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Friends Life Group Limited

4. Full name of shareholder(s)  (if different from 3.):iv

Friends Life Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

02/01/2015

6. Date on which issuer notified:

06/01/2015

7. Threshold(s) that is/are crossed orreached: vi, vii

Decrease below 15%, 10% and 5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

25,322,500

25,322,500

0

0

0%

GB0032287020

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

0

0%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

- Friends Life Limited is controlled by Friends Life FPL Limited

- Friends Life FPL Limited is controlled by Friends Life FPG Limited

- Friends Life FPG Limited is controlled by Friends Life Holdings plc

- Friends Life Holdings plc is controlled by FLG Holdings Limited

- FLG Holdings Limited is controlled by Resolution Holdco No.1 LP

- Resolution Holdco No.1 LP is controlled by Friends Life Group Limited

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

Notification triggered by the redemption of holdings pursuant to the 2014 Exit Offer.

14. Contact name:

Victoria Hames, Company Secretary

15. Contact telephone number:

0845 6417844