Holding(s) in Company

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Phoenix Group Holdings Ord Eur0.0001

2. Reason for the notification  (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify): Conversion of Class 'B' Shares into Ordinary ORD EUR0.0001 shares

X

3. Full name of person(s) subject to the notification obligation:

Royal London Asset Management Limited

4. Full name of shareholder(s) (if different from 3.):

Royal London Mutual Insurance Society Limited

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

05/07/10

6. Date on which issuer notified:

23/09/10

7. Threshold(s) that is/are crossed or reached:

3%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

 if possible using the ISIN CODE

Situation previous to the Triggering transaction

Resulting situation after the triggering transaction

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Indirect

Direct

Indirect

KYG7091M1096

n/a

n/a

3.75%

6,180,000

n/a

3.75

 n/a

B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial instrument

Expiration date

Exercise/ Conversion Period/ Date

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

N/A

Total (A+B)

Number of voting rights

6,180,000

3.75%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

N/A

14. Contact name:

Katherine Mills

15. Contact telephone number:

020 7506 6588