AktieTorget: Shareholding Disclosure - ValueTree Holdings AB

Friends Life Group plc hereby notifies that on 28 February 2012 it reduced its interest in ValueTree Holdings AB to below 10 per cent of the total issued share capital. Friends Life Group plc now indirectly holds 9.9929% of the total share capital of ValueTree. This holding is held through its subsidiaries, Lombard International Assurance S.A., which holds 1,161,021 shares (5.6227%) and Friends Provident International Limited, which holds 902,380 shares (4.3702%). The 10 per cent level was crossed following the disposal of 19,694 shares by Friends Provident International Limited on 28 February 2012.

In the event of any queries please contact the undersigned.

Gill Houinato
Company Secretariat
Friends Life Group
Tel: +44 1306 634296