32RM Barclays 26

RNS Number:4561G
Royal London
26 October 2007


                  Communications for Confirmation of Interest

                                26 October 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


26 October 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 increased cash offer for
                                   Resolution


Royal London notes the statement issued today by Pearl Group Limited ("Pearl")
of an increased cash offer by Impala Holdings Limited, a subsidiary of Pearl,
for Resolution plc ("Resolution")

The binding agreement Royal London has entered into with Pearl to acquire
certain Resolution assets for a total consideration of approximately #1.25
billion (subject to certain post-closing adjustments) if Pearl's offer is
successful remains in place, as does Royal London's agreement to provide #0.3
billion of the debt funding for Pearl's offer.

There can be no certainty that Royal London will acquire the assets in
Resolution given that the transaction is conditional upon Pearl's offer for
Resolution being successful.  A further announcement will be made when
appropriate.

Based on announcements to date from the major ratings 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 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
*          RLAM - fund management
*          RLAS - life and pensions administration


Royal London is one of the stronger life and pension companies in the UK, and
has a strong track record for with-profits performance.

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).


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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