Annual Financial Report

Pearl Group Holdings (No. 1) Limited (the "Company")

ISIN: XS0235245205

£425,000,000 6.5864 per cent.

 Fixed/Floating Rate Perpetual Reset Capital Securities

28 June 2013

Pearl Group Holdings (No. 1) Limited

In accordance with Listing Rule 17.3.1, a copy of the Company's Annual Report & Accounts for the year ended 31 December 2012 has been submitted to the UK Listing Authority via the National Storage Mechanism and will shortly be available for viewing at http://www.hemscott.com/nsm.do.

A copy of this document will also be available later today on the Phoenix Group website at http://www.thephoenixgroup.com/investor-relations.aspx.

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