Resolution Limited : Director/PDMR Shareholding

DTR3

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

All relevant boxes should be completed in block capital letters.

1.	Name of the issuer Resolution Limited	2.	State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006). Notification relates to (i) above
3.	Name of person discharging managerial responsibilities/director Evelyn Bourke	4.	State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person N/A
5.	Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a nonbeneficial interest 1 Notification relates to PDMR named in 3	6.	Description of shares (including class), debentures or derivatives or financial instruments relating to shares Ordinary Shares
7.	Name of registered shareholders(s) and, if more than one, the number of shares held by each of them Yorkshire Building Society (Friends Life Group plc SIP)	8.	State the nature of the transaction Purchase of partnership shares through share incentive plan.
9.	Number of shares, debentures or financial instruments relating to shares acquired 49 shares	10.	Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) Less than 0.001%
11.	Number of shares, debentures or financial instruments relating to shares disposed NIL	12.	Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage) N/A
13.	Price per share or value of transaction £2.538 per share	14.	Date and place of transaction 6 January, London
15.	Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 170,897 / 0.012%	16.	Date issuer informed of transaction 6 January 2012

If a person discharging managerial responsibilities has been granted options by the issuer

complete the following boxes

17.	Date of grant N/A	18.	Period during which or date on which exercisable N/A
19.	Total amount paid (if any) for grant of the option N/A	20.	Description of shares or debentures involved (class and number) N/A
21.	Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise N/A	22.	Total number of shares or debentures over which options held following notification N/A
23.	Any additional information None	24.	Name of contact and telephone number for queries Northern Trust International Fund Administration Services (Guernsey) Limited Mrs Satty Grewal-Carter [phone]

Name of authorised official of issuer responsible for making notification Northern Trust International Fund Administration Services (Guernsey) Limited Date of notification 6 January 2012

Notes:    This form is intended for use by an issuer to make a RIS notification required by DR 3.3.

(1)	An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2)	An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
(3)	An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4)	An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

A copy of this announcement is and will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, for inspection on the Company's website at . For the avoidance of doubt any other information contained on Resolution's website does not form part of this announcement.