Phoenix Group Holdings Regulatory News (PHNX)

14 October 2013

Notification of Transactions of Persons Discharging Managerial Responsibility ('PDMRs') and Connected Persons

The Company announces the following PDMRs purchased the number of shares (partnership shares) set out against their names below and were allocated the number of free matching shares set out below under the Company's Share Incentive Plan.

The partnership shares were purchased on 7 October 2013 at a price of 730p per share.

On 3 October 2013 the Company paid a dividend to all shareholders of 26.7p per share. As a result, all participants within the Share Incentive Plan ('SIP') were issued dividend shares at a price of 749.5p based on their SIP holding as at the record date of 6 September 2013. Details of the number of dividend shares issued are shown in the table below.

The Company received notification of these transactions on 11 October 2013. The registered shareholder for all these shares is Computershare Trustees Limited A/C PLGSIP.

The matching shares will vest on the 3rdanniversary of the purchase of the partnership shares subject to continued employment and the retention of the underlying partnership shares.

This notification is made pursuant to the requirements of Disclosure and Transparency Rule 3.1.8R.

Enquiries

Investors:

Katherine Jones

Head of Investor Relations, Phoenix Group

+44 (0)20 7489 4879

Media:

Neil Bennett, Maitland

Peter Ogden, Maitland

+ 44 (0) 20 7379 5151