51II Lv Bonds.43

TIDM51II

RNS Number : 3335V

LV=

10 December 2021

Draft Holding Statement in Response to Royal London merger proposal

"LV= can confirm it has received an unsolicited preliminary merger proposal from Royal London on December 8th 2021. The proposal, which is on a substantively different structure to the offer received during the process in 2020, now includes the possibility of continued mutuality and is conditional on exclusive discussions.

The outline proposal from Royal London is at an early stage and is subject to discussion, due diligence and detailed negotiation of financial and other terms. There can be no certainty that a transaction will be agreed.

The Board will consider this proposal seriously and undertakes to update members as soon as practicable. In evaluating the Royal London proposal, the Board will continue to have regard to members and stakeholders best interests.

Ends

For further information, please contact:

   Jon Sellors (LV=)                07711 701 806                      jon.sellors@lv.com 
   Ed Berry (FTI)                     07703 330 199                    edward.berry@fticonsulting.com 
   Tom Blackwell (FTI)          07747 113 919                      tom.blackwell@fticonsulting.com 

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END

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December 10, 2021 11:04 ET (16:04 GMT)

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