TIDMRSL TIDM35PG

RNS Number : 1632Y

Resolution Limited

17 December 2010

17 December 2010

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

Simplification of group debt capital structure

As announced on 15 December 2010 and this morning by the Company's subsidiary undertaking, Friends Provident Group plc ("FPG"), Friends Provident Holdings (UK) pIc ("FPH") (company number 06986155) (the parent company of FPG) has been substituted for FPG as the principal debtor in respect of all the RSL group's listed debt securities. All of the securities continue to be guaranteed by Friends Provident Life and Pensions Limited on the same terms and subject to the same conditions as prior to the substitution, and continue to be admitted to listing on the Official List of the UK Listing Authority and to trading on the regulated market of the London Stock Exchange plc.

FPH is the holding company for all of the businesses in the RSL group's UK life and asset management project. It is the owner of the Friends Provident and acquired AXA UK life businesses. Substituting FPH so that it is the principal debtor in respect of all the listed debt securities for RSL's UK life and asset management project simplifies the group's ongoing financial reporting and expected future capital structure and means that payments due on the listed debt securities will be supported by cashflows emerging from both the Friends Provident and acquired AXA UK life businesses.

Enquiries:

Investors/analysts

Jim Newman, Resolution Operations LLP +44 (0)20 3372 2928

Media

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

Notes to editors:

For further details regarding the substitution and the RSL group's listed debt securities, see the two announcements entitled Notice of Substitution released on 15 December 2010 and today by FPG and available on its website at www.friendsprovident.co.uk/investor.

RSL'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, 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 is expected to complete early in the new year.

The Company'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 is in the UK life and asset management sectors.

The Company has previously stated that it expects to refinance its GBP400m acquisition finance facility entered into to part fund its AXA UK life businesses acquisition by the issue of Tier 2 (as defined by the FSA) securities by FPH.

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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