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News Release

Shearman & Sterling Advises on Offer by Standard Life for Resolution and Disposal of Resolution Assets to Swiss Reinsurance Company

29 Oct 2007

Laurence Levy , Caroline Leeds Ruby

London, October 29, 2007--Shearman & Sterling is advising Merrill Lynch International and UBS Investment Bank in their role as joint financial advisers to Standard Life plc in connection with its offer for Resolution plc and associated disposal of certain assets of Resolution to Swiss Reinsurance Company.

On October 26, 2007, Standard Life plc announced an offer for Resolution of 715p per Resolution share, comprising 517p in cash and 0.715 New Standard Life shares for each Resolution share. The offer values Resolution at approximately £4.9 billion. The value of the associated disposal of certain Resolution assets to Swiss Re is £2.35billion.

The Shearman & Sterling team includes partners Laurence Levy (LN-MA) and Caroline Leeds Ruby (LN-EF), and associates Emma Soar (LN-MA) and Heinz Matysik (LN-EF).

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