Phoenix Group Holdings Regulatory News (PHNX)

Phoenix Group Holdings

Publication of Final Terms

The Final Terms in relation to the issue of £150,000,000 4.125 per cent. Tier 3 Notes due 2022 (the "Notes") (to be consolidated and form a single series with Phoenix Group Holdings' £300,000,000 4.125 per cent. Tier 3 Notes due 2022 originally issued by PGH Capital Public Limited Company) under the Phoenix Group Holdings and PGH Capital Public Limited Company £3,000,000,000 Euro Medium Term Note Programme (the "Programme") are available for viewing.

The Final Terms contain the final terms of the Notes and must be read in conjunction with the prospectus dated 30 March 2017 relating to the Programme (the "Prospectus"), which constitutes a base prospectus for the purposes of Directive 2003/71/EC, as amended.

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/0935E_-2017-5-3.pdf

A copy of the Final Terms has also been submitted to the National Storage Mechanism and will shortly be available for inspection at www.Hemscott.com/nsm.do.

For further information, please contact:

Phoenix Group Holdings

Office: 1st Floor, 32 Commercial Street, St. Helier, Jersey JE2 3RU, Channel Islands

Group Treasurer: Rashmin Shah

Telephone: +44 20 3735 0059

Email: rashmin.shah@thephoenixgroup.com

Website: http://www.thephoenixgroup.com/

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Final Terms and the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries only and is not intended for use and should not be relied upon by any person outside these countries. Prior to relying on the information contained in the Final Terms and the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

The Final Terms and the Prospectus does not constitute an offer of securities for sale in the United States or to U.S. persons. The Notes described therein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under any relevant securities laws of any state of the United States and may not be offered or sold to U.S. Persons (as defined in the Securities Act) or to persons within the United States, except pursuant to an exemption from the Securities Act.

Your right to access this service is conditional upon complying with the above requirement.