Statement regarding recent press speculation

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

20 November 2011

Resolution Limited ("Resolution" or "the Company")

Statement regarding recent press speculation

Resolution notes recent press speculation and confirms that, whilst it did investigate the possible acquisition of Phoenix Group Holdings ("Phoenix") with both Phoenix and its lending banks, these talks have terminated.

As part of its UK Life Project, Resolution continually investigates a variety of bolt-on opportunities. Any acquisition must have a strong financial case and enhance returns to shareholders. The hurdle to executing any particular transaction is therefore high.

The UK Life Project continues to progress well, as evidenced by the Company's market announcement on 9 November. This set out the Company's intention to return a further £250 million to shareholders in the first half of 2012 subject to the delivery of planned capital synergies expected to be delivered in 2011 and following regulatory approval. The announcement also set out an expected increase in aggregate 2011 dividend to 19.89 pence per share, outlined the strong progress being made towards the Friends Life new business targets and announced strategic initiatives in outsourcing and the decision to create an in-house asset manager within Friends Life.

Enquiries:

Investors/analysts

Neil Wesley, Resolution Operations LLP +44 (0)20 3372 2928

Media

Alex Child-Villiers, Temple Bar Advisory +44 (0) 7795 425 580

Notes to editors:

Resolution Limited

Resolution's current restructuring project is in the UK life and related asset management sectors (the "UK Life Project").

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.

A copy of this announcement is and will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, for inspection on the Company's website at www.resolution.gg

This announcement has been prepared for the purposes of complying with English law and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the UK.

The distribution of this announcement in jurisdictions other than the UK may be restricted by the laws of those jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction. In particular, this announcement is not for publication or distribution (directly or indirectly) to US persons or in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia).

For the avoidance of doubt any other information contained on Resolution's website does not form part of this announcement.