Statement re Resolution

RNS Number:9345H
Royal London
16 November 2007

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

16 November 2007

       The Royal London Mutual Insurance Society Limited ("Royal London")

 #400,000,000 6.125% Perpetual Cumulative Step up Subordinated Guaranteed Notes
of RL Finance Bonds plc, guaranteed by The Royal London Mutual Insurance Society
                             Limited (the "Notes")
                             ISIN number M023696894

   Statement on Royal London interest in Pearl's recommended acquisition for
                                   Resolution



Royal London notes the statement (the "Joint Announcement") issued today by
Pearl Group Limited ("Pearl") and Resolution plc ("Resolution") in relation to a
recommended acquisition by Impala Holdings Limited, a subsidiary of Pearl, of
the entire issued, and to be issued share capital of Resolution.  The Joint
Announcement contains information on the recommended acquisition, which is
intended to be implemented by means of a scheme of arrangement under section 425
of the Companies Act 1985.

There can be no certainty that Royal London will acquire the assets in
Resolution given that the transaction is conditional, inter alia, upon the
scheme of arrangement being approved by the shareholders of Resolution in
general meeting.  A further announcement will be made when appropriate.

Based on announcements to date from the major rating agencies, it is expected
that any acquisition of certain Resolution assets by Royal London will not have
a material impact on the rating of the Subordinated Guaranteed Notes issued by
RL Finance Bonds plc, a subsidiary of Royal London.



Enquiries:

Royal London:

Alasdair Buchanan                     +44 (0) 131 456 7133 / +44 (0) 7919 170413

Financial Dynamics:

Robert Bailhache                      +44 (0)  20 7831 3113
Ed Gascoigne-Pees
Andrew Waterworth



Notes to Editors:

Royal London is the largest mutual life and pensions company in the UK with
group funds under management of #32.7 billion. Group businesses serve around
three million customers and employ 2,570 people (figures quoted are as at 30
June 2007). Its businesses focus on those sectors of the market which value
premium propositions, operating through a number of brands:

-               Scottish Life: UK pensions sector

-               Bright Grey: UK protection sector

-               Scottish Life International: offshore investment sector

-               Royal London Asset Management: fund management

-               Royal London Administration Services: life and pensions
                administration



Subordinated Liabilities

Perpetual Cumulative Step-up Subordinated Guaranteed Notes

On 14 December 2005 RL Finance Bonds plc, a wholly owned subsidiary of Royal
London, issued the Perpetual Cumulative Step-up Subordinated Guaranteed Notes.
The issue price of the Notes was 99.676% of the principal amount of #400m. The
Notes are guaranteed by Royal London. The proceeds of the issue were loaned to
Royal London on the same interest, repayment and subordination terms as those
applicable to the Notes. The Notes have no maturity date but the issuer has the
option to redeem all of them at their principal amount on 15 December 2015 and
at three monthly intervals thereafter. Interest is payable at a fixed rate of
6.125% per annum for the period to 15 December 2015, payable annually in arrears
on 15 December each year.








                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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