Publication of Prospectus

PGH Capital Limited

Publication of Prospectus dated 21 January 2015

The following document has been approved by the UK Listing Authority on 21 January 2015 and is available for viewing:

PROSPECTUS DATED 21 JANUARY 2015

PGH Capital £428,113,000 6.625 per cent. Guaranteed Subordinated Notes due 2025 guaranteed on a subordinated basis by Phoenix Group Holdings 

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/8006C_-2015-1-21.pdf

A copy of the Prospectus has also been submitted to the National Storage Mechanism and will shortly be available for inspection at www.Hemscott.com/nsm.do.

For further information, please contact:

PGH Capital Limited

Registered Office: Arthur Cox Building, Earlsfort Terrace, Dublin 2, Ireland

Telephone: +353 1402 9400

Email: [email protected]

Website: http://www.thephoenixgroup.com/

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries only and is not intended for use and should not be relied upon by any person outside these countries. Prior to relying on the information contained in the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

The Prospectus does not constitute an offer of securities for sale in the United States or to U.S. persons. The Notes described therein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under any relevant securities laws of any state of the United States and may not be offered or sold to U.S. persons or to persons within the United States, except pursuant to an exemption from the Securities Act.

Your right to access this service is conditional upon complying with the above requirement.