Scrip Dividend Scheme

RESOLUTION LIMITED

(the "Company")

Scrip Dividend Scheme

12 September 2012

The Company announces that the scrip dividend calculation price for the new fully paid ordinary shares to be issued to shareholders who elect to receive the scrip dividend alternative for the 2012 interim dividend is 209.16 pence per share. The calculation price is the average of the middle market quotations of the Company's ordinary shares derived from the London Stock Exchange Daily Official List for the five consecutive dealing days starting on 5 September 2012 (the ex-dividend date for the 2012 interim dividend).

Shareholders who wish to participate in the scrip dividend scheme should return their mandate forms to the Company's Registrar, Computershare, to arrive no later than 21 September 2012.

The payment date of the interim dividend and the first day of dealing in the new shares is 5 October 2012. The interim dividend will be paid to shareholders on the register on 7 September 2012.

A copy of this announcement, together with full details of the scrip dividend scheme and how to participate, are available, subject to certain restrictions relating to persons resident in restricted jurisdictions, on the Company's website www.resolution.gg

Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: +44 (0)1481 745000

Resolution Limited

The Company's ordinary shares were admitted to the Official List and to trading on the main market of the London Stock Exchange in December 2008. The Company transferred to a Premium Listing as it completed its first acquisition, Friends Provident Group plc, on 4 November 2009 and is subject to those provisions of the Listing Rules that apply to overseas companies with a Premium Listing. The Company completed its second acquisition, the majority of the AXA UK life business, on 15 September 2010. On 31 January 2011, the Company completed its third acquisition, the shares and business of Bupa Health Assurance Limited.