Phoenix Group Holdings Regulatory News (PHNX)

LEI: 2138001P49OLAEU33T68

18 August 2025

Phoenix Group Holdings plc - Board Changes

The Board of Phoenix Group Holdings plc ("Phoenix" or the "Group") announces the following changes:

· Belinda Richards, Group Independent Non-Executive Director, will be retiring from the Board on 24 August 2025, having served almost eight years.

· Karin Cook will be appointed to the Group Board as an Independent Non-Executive Director, and as a member of its Risk and Sustainability Committees with effect from 25 August 2025. Within the Group, Karin is currently an Independent Non-Executive Director of the Group's Life Companies[1] Boards and a member of its Risk Committee, and SunLife Limited. Karin is also an Independent Non-Executive Director of NatWest Holdings Limited (holding company of NatWest Group's ring-fenced operations including its retail, commercial and wealth businesses) and a member of its Board Audit and Remuneration Committees. Karin brings over thirty years of customer-focused, digital, operational and transformation experience gained from previous leadership roles in multiple large groups (including as the Chief Operating Officer of Quilter plc, Director, Group Operations at Lloyds Banking Group and senior roles at HSBC, Morgan Stanley and Goldman Sachs). Karin has a commitment to diversity, equity and inclusion and has been recognised in the past in the LGBT Great's Top 50 Executive Allies, the FT OUTstanding LGBT+ Role Model list and as Stonewall Senior Champion of the Year.

· Mark Gregory, Group Independent Non-Executive Director and Chair of the Group Board Risk Committee will be appointed as an Independent Non-Executive Director of the Group's Life Companies Boards, member of the Life Companies Nomination Committee and also Chair of its Risk Committee with effect from 25 August 2025.

· Eleanor Bucks, Group Independent Non-Executive Director will be appointed as a member of the Group Audit Committee with effect from 25 August 2025.

· David Scott, Group Shareholder Nominated Non-Executive Director by Aberdeen Group plc ("Aberdeen") will retire from the Board on 31 August 2025.

· Siobhan Boylan, Chief Financial Officer ("CFO") of Aberdeen will be appointed in his place with effect from 1 September 2025. Siobhan has strong executive director level experience in her current role at Aberdeen and previous roles as CFO of Coutts & Co and CFO of Brewin Dolphin (a constituent of the FTSE 250 until its acquisition by Royal Bank of Canada in 2022). Until recently, she was also a Non-Executive Director of Jupiter Fund Management plc bringing additional experience in a non-executive capacity to the Board.

Commenting on the changes, Sir Nicholas Lyons, Chair of Phoenix said:

"On behalf of the Board, I would like to thank Belinda for her commitment, challenge and outstanding contribution to the Group during her tenure and I wish her every success for the future.

We are delighted that Karin and Mark have agreed to take on additional responsibilities. Their appointments are aligned to further increasing interaction and connectivity, whilst maintaining independence between our Group and Life Companies' Boards with their collective backgrounds being of great value to discussions at both board levels.

Both Eleanor and Karin will provide additional skills and ensure the required membership composition for their respective committees is maintained in accordance with the UK Corporate Governance Code 2024. Their strong challenge and experience will be welcomed by the current members of the Audit, Risk and Sustainability committees.

Finally, I would like to thank David for his excellent contribution to the Board since joining on 11 May 2023. We wish David every success and happiness in his retirement, and I look forward to welcoming Siobhan as a new Non-Executive Director to the Board."

This announcement is made pursuant to LR 6.4.6 and 6.4.8 of the Listing Rules. There is no further information required to be notified under Listing Rule 6.4.8 with reference to Karin Cook and Siobhan Boylan's appointments referenced above.

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