Friends Provident PLC 12 September 2005 Retirement of Director Friends Provident plc, the FTSE 100 financial services group and owner of 51% of F&C Asset Management plc (F&C), the leading asset management group, has announced today the retirement of Howard Carter as an executive director of Friends Provident plc and as Chief Executive of F&C. He will officially retire from the Boards of Friends Provident and F&C at their respective Annual General Meetings in May 2006. Alain Grisay, the Deputy Chief Executive of F&C, will succeed Howard Carter as CEO with effect from January 1 2006 to ensure a smooth transition. Howard Carter was instrumental in developing Friends Provident's listed fund management business before becoming CEO. Since then, over the last five years, he has directed and overseen the strong growth of the business, culminating in the successful merger with F&C in 2004 to create a top five UK asset manager with a significant Continental European presence. Since the merger with F&C last year, Alain Grisay has taken prime responsibility for the development of the F&C business in Continental Europe. He joined F&C in 2001 from JP Morgan. Commenting on Howard Carter's retirement, Keith Satchell, Group CEO of Friends Provident paid tribute to the key role he has played in the continued development of both the Group and the asset management business, the quality of the management team he has built and the promising business opportunities: Working closely with Howard I have valued his enormous contribution as a member of the senior management team of the Group. After the Group identified the asset management opportunity, Howard delivered the reality. He has been the skilful driving force in building the business into its current scale and success and will continue to work with Alain over the coming months to build on that success. Alan Grisay has an excellent track record and the right experience and skills to drive the business to the next stage of development. This means F&C is ideally placed to continue building the business in the UK and to capitalise on the emerging new opportunities in Continental Europe. Enquiries: Nick Boakes Friends Provident plc 0845 641 7914 Jason Hollands F&C Asset Management plc 020 7506 1168 END END
