Bradford & Bingley plc 

27 June 2008

BRADFORD & BINGLEY STATEMENT 

The Board of Bradford & Bingley plc ("Bradford & Bingley" or the "Company) notes that Resolution Ltd ("Resolution") has withdrawn from further discussions with the Company.

The Board recognises its duty on behalf of all shareholders to fully consider at all times and respond promptly to such proposals, but has been concerned not to abandon its current fund raising without achieving a higher level of certainty than Resolution has provided.

The Board and its advisers have been actively engaged with Resolution and its advisers since an initial indicative proposal was received late on Friday 20 June; this initial proposal was rejected on Sunday 22 June. The Board responded to Resolution's revised indicative proposal, which was received late on Tuesday 24 June, during the afternoon of Wednesday 25 June.

The Board has consistently made clear to Resolution that it was prepared to allow due diligence should an acceptable indicative proposal be made.

Resolution's revised indicative proposal did not meet the Board's concerns relating to certainty, funding, clarity, change of control, and price. 

The primary concerns of the Board were:

• The Board did not receive any definite details regarding the funding and ownership structure of Resolution's proposal

• The Board did not receive any detail regarding important elements of the proposal, including details of voting and non-voting shares and approvals required under the Takeover Code

• The Board was concerned that Resolution's proposal amounted to its taking effective control of the Company, but this was not reflected in the terms of its proposals

The Board continues to recommend to shareholders its clear plan for recapitalising the Company, comprising the Restructured Rights Issue and TPG Investment (each as defined in the announcement dated 2 June 2008). Shareholder approval for the capital raising will be sought at an Extraordinary General Meeting on 7 July 2008.

Enquiries

For further information please contact:

Goldman Sachs International is acting exclusively for Bradford & Bingley and for no one else in relation to the proposed TPG investment and will not regard any other person (whether or not a recipient of this document) as a client in relation to the TPG investment and will not be responsible to any other person for providing the protections afforded to their respective clients nor for providing advice in connection with the proposed TPG investment, or any other matters referred to in this document.

End

27 June 2008

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