UK Life Project Management Change

19 September 2011

Resolution Limited ("Resolution")

Resolution announces Tim Tookey as Chief Financial Officer of its UK Life Project

Resolution is delighted to be announcing the appointment of such an experienced executive to the role of Chief Financial Officer of its UK Life Project (Friends Life Group plc ("Friends")). Tim joins from Lloyds Banking Group ("LBG"), where he is Group Finance Director, and brings skills and experience that are highly relevant to the UK Life Project as it enters its next phase. These include:

·; significant transaction and capital markets experience including LBG's £13.5bn rights issue; and

·; integration, through merging the finance, management information and treasury functions following the HBOS acquisition.

Previously at Prudential UK, as Chief Financial Officer, Tim's experience included:

·; integration work across different business units;

·; leading the outsourcing of certain operations; and

·; leading significant cost efficiency projects to improve the profitability of product propositions.

Tim is expected to join Friends within the next six months.

Commenting on Tim Tookey's appointment:

John Tiner, CEO of Resolution Operations LLP, said:

"Tim's arrival is timely as the UK Life Project moves through the next phase of restructuring and into the delivery of value to shareholders at exit."

Andy Briggs, CEO of Friends, said:

"Tim's extensive FTSE leadership experience makes him an excellent addition to the team. He will play an important role in building a profitable new business franchise and preparing the business to position it strongly for the full range of potential Resolution exit options."

Tim Tookey said:

"I am excited to be joining Friends as it works towards achieving Resolution's exit strategy objectives. I am looking forward to making a significant contribution to the business, as part of such a strong management team led by Andy Briggs."

Enquiries:

Investors/analysts: Neil Wesley, Resolution Operations LLP +44 (0)20 3372 2928

Media: Alex Child-Villiers, Temple Bar Advisory +44 (0) 7795 425580

Notes to editors

Tim Tookey

Tim Tookey joins Friends from Lloyds Banking Group, which he joined in 2006 as Deputy Group Finance Director. He was appointed Group Finance Director in 2008 and, during his time with the bank, led the £13.5 billion rights issue (one of the largest ever such capital raising), negotiated staying out of the Government Asset Protection Scheme and was part of the team responsible for merging LTSB and HBOS.

Previously he was CFO at Prudential UK, which he joined in 2002. He had been responsible for a number of large integration projects across different business units, led a number of significant cost efficiency projects to improve the profitability of product propositions, chose to exit markets which were not profitable and worked on providing finance support to build partnerships businesses.

In 1999 he joined Heath Lambert as CFO and was responsible for preparing the business for IPO post a 9/11 world. From 1996 at Heath Group (the listed insurance and re-insurance broker) as CFO, he was involved in the MBO of Heath Group, taking it private with the support of three venture capital investors, and then successfully launched a public bid for Lambert Fenchurch Group PLC in 1999.

In 1985 he joined KPMG, where he qualified as an accountant, held various roles in general practice and gained significant corporate finance experience. Among other projects, he had a key role in the flotation of a major high street retailer and significant experience in equity and debt raising for property and engineering groups.

He graduated from Bath University with a degree in Building Engineering.

Andy Parsons

Friends is grateful to Andy Parsons for the leadership he has provided as Interim Executive Director - Finance, a role he will retain until Tim Tookey's arrival. He will then work with Tim to ensure an orderly transition.

Resolution Limited

Resolution's objective is to acquire businesses and provide the public markets with a series of restructuring opportunities in the financial services industry in the UK and Western Europe. Its current restructuring project, the UK Life Project, is in the UK life and asset management sectors.

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 announced the completion of its second acquisition, the majority of the AXA UK life business, on 15 September 2010. Its third acquisition, the shares and business of Bupa Health Assurance Limited, was announced on 15 October 2010 and completed on 31 January 2011.

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.

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