Amendment of Impala Facility Agreement

Amendment of Impala Facility Agreement

We refer to the shareholder circular published by Phoenix Group Holdings (the "Company") on 30 January 2013 (the "Circular"). Defined terms used in this announcement have the same meaning as those in the Circular.

The Company announces that the Amendment Conditions Precedent have been satisfied. Accordingly, the amendment and restatement of the Existing Impala Facility Agreement has today become effective.

Enquiries

Investors:

Fiona Clutterbuck, Head of Strategy, Corporate Development and Communications, Phoenix Group

Tel: +44 (0) 20 7489 4881

Debt Investors:

Rashmin Shah, Group Treasurer, Phoenix Group

Tel: +44 (0) 20 7489 4876

Media:

Neil Bennett, Maitland

Peter Ogden, Maitland

+ 44 (0) 20 7379 5151