Update on capital synergies and AXA UK separation

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

29 November 2011

Update on delivery of capital synergies and separation from AXA UK

Resolution is pleased to announced that on 18 November 2011, the High Court approved a Part VII scheme ("the Scheme") to transfer certain businesses to Friends Provident Life and Pensions Limited, the main UK life assurance company owned by the Company's subsidiary, Friends Life Group plc ("FLG"). The Scheme will take effect from 1 December 2011 and completes the delivery of planned capital synergies for 2011 as set out in the Company's "UK Life Project - Cash and Capital Update" on 7 June 2011.

The delivery of these capital synergies was required to enable the Company to undertake a further £250 million cash return to shareholders in 2012, subject to market conditions and regulatory approvals.

The Company is also pleased to announce that FLG will acquire Winterthur Life UK Limited from AXA UK on 30 November 2011. This transaction, which completes the acquisition of companies from AXA UK announced in June 2010, follows completion of two other Part VII schemes to transfer out certain portfolios of business which the Company did not wish to acquire. From 1 December 2011, the Company no longer has any material operations classified as "held for sale".

Enquiries:

Notes to the 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

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

 Friends Life

With effect from 1 December 2011, two of Friends Life's main UK life companies will be renamed.

·; Friends Provident Life and Pensions Limited will be renamed Friends Life Limited; and

·; Friends Provident Pensions Limited will be renamed Friends Life and Pensions Limited.