Response to FCA announcement

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Resolution Ltd

("Resolution")

Response to FCA announcement

28 March 2014

Resolution notes the FCA's announcement regarding a review of the fair treatment of long standing customers in life insurance. We look forward to receiving further details from the FCA.

We put all of our customers at the heart of our business and engage with them on a regular basis. In 2011, Resolution established Heritage, a standalone division with a dedicated management team specifically focused on meeting the ongoing needs of customers with legacy products.

An example of the benefits from this specific focus is the recent investments in the Heritage division, including the migration of our customers from legacy systems to a modern IT platform that will deliver improved customer service. The costs of these investments are borne by Resolution and do not fall to customers.

Life insurance has been and remains a highly regulated industry. It has undergone a series of independent reviews to ensure transparency and fair treatment of customers. We therefore look forward with confidence to working with the FCA once it issues official guidance.

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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.