Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Phoenix Group Holdings

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

An acquisition or disposal of voting rights

X

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

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

X

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

OZ Management LP and Och-Ziff Management Europe Ltd.

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

The Bank of New York (Nominees) Limited

State Street Nominee, London

Credit Suisse Securities (USA) LLC

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

12 July 2013

6. Date on which issuer notified:

18 July 2013

7. Threshold(s) that is/are crossed orreached: vi, vii

Below 5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

KYG7091M1096

 9,755,820

Less than 5%

Less than 5%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Swaps in KYG7091M1096

Various between: 21/03/2014- 31/12/2015

Less than 5%

Nominal

Delta

Less than 5%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

Less than 5%

Less than 5%

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

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

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

13. Additional information:

OZ Management LP and OZ Management II LP act as investment manager for certain investment funds and those funds beneficially own the shares and instruments that are the subject of this notification. Och-Ziff Management Europe Limited is a subsidiary undertaking of OZ Management LP and acts as a sub-advisor to OZ Management LP and OZ Management II LP.

14. Contact name:

Janine Frederick

15. Contact telephone number:

0207 758 4420