32RM Barclays 26

RNS Number:1962N
RL Finance Bonds plc
04 February 2008


 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

4 February 2008

       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 of
                                   Resolution

Following further discussions, Pearl Group Limited ("Pearl") and Royal London
have agreed a revised split of the businesses and assets of Resolution plc
("Resolution"). The principal changes are that Royal London will acquire the
Phoenix Life Assurance legal entity rather than the Scottish Provident legal
entity and that Pearl will now retain the former Life Division North
administration business, part of Resolution Management Services. This does not
affect the rights which Royal London will have to the Scottish Provident brand,
in force book or new business operations; nor does it alter the strategic
objective of Royal London in acquiring the new business capabilities of
Resolution together with the protection assets.

The total consideration payable by Royal London remains unchanged, as does its
contribution to the debt funding as previously disclosed.

Royal London's acquisition of certain Resolution businesses and assets described
above is dependent, inter alia, on the completion of Pearl's acquisition of
Resolution. A further announcement will be made, if and, when appropriate.

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 Group, is a specialist financial service provider. Its businesses
focus on those sectors of the market which value premium propositions, operating
through a number of brands:

- Scottish Life: UK pensions market

- Bright Grey: UK protection market

- Scottish Life International: offshore investment markets

- Royal London Asset Management: fund management

- Royal London Administration Services: life and pensions administration

- Fundsdirect / Ascentric - funds supermarket, wrap platform

Royal London is the largest mutual life and pensions company in the UK with
Group funds under management of �33.1 billion.  Group businesses serve over
three million customers and employ 2,620 people.  (Figures quoted are as at 31
December 2007).

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

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