Annual Financial Report

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

ISIN: XS0235245205

6.5864 per cent. Fixed/Floating Rate

Perpetual Reset Capital Securities

30 June 2015

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 2014 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:

Sam Perowne, Head of Investor Relations, Phoenix Group

+44 (0) 20 3735 0021

Media:

Neil Bennett, Maitland

Peter Ogden, Maitland

+ 44 (0) 20 7379 5151