FriendsProvid UK High Court Sanctions Recommended Acquisition

-The Scheme and its implementation were approved by Friends Provident shareholders on October 5.

-Overseas regulatory approvals Prior to the sanctioning of the Scheme by the Court, and following the equivalent approval from the FSA announced on October 23, the financial services regulators in Guernsey, Luxembourg and the Isle of Man confirmed their approval to the change of control applications submitted by Resolution in connection with the Acquisition. All of the regulatory change of control conditions to the Acquisition have now been satisfied.

-Accordingly, it is expected that the Scheme will proceed.

-Following delivery of an office copy of the Court Order sanctioning the Scheme to the Registrar of Companies, the Friends Provident Shares will be sub- divided and reclassified according to the forms of election returned by Scheme Shareholders at the Reorganisation Record Time.

-Initial Shares in respect of which Share Elections were not made and accepted, together with any Additional Shares in respect of which Further Cash Elections were made and accepted, will be reclassified as A Ordinary Shares. All other Scheme Shares will be reclassified as B Ordinary Shares.

-The Reorganisation Record Time is expected to be 1800 on November 2.

-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com

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