The Phoenix Holdings Ltd.

Delisting Announcement • Nov 17, 2010

Phoenix Group Holdings delists from Euronext

Phoenix Group Holdings ("Phoenix") announces that its ordinary shares ("Shares") (ISIN: KYG7091M1096) and ordinary warrants ("Warrants") (ISIN: KYG7091M1179) have been delisted from Euronext Amsterdam. The last day of trading of the Shares and Warrants on Euronext Amsterdam was 16 November 2010.

Phoenix will continue to trade its Shares and Warrants under the same ISINs on the London Stock Exchange, where it is a member of the FTSE 250 Index.

Investors:

Lorraine Rees, Head of Investor Relations, Phoenix Group +44 (0) 20 7489 4456 (DD) +44 (0) 787 2413 277 (Mob)

Damian O'Reilly, Investor Relations Manager, Phoenix Group +44 (0) 20 7489 4473 (DD) +44 (0) 772 5735 714 (Mob)

Media:

Daniel Godfrey, Director of Corporate Communications, Phoenix Group + 44 (0) 20 7489 4517 (DD) + 44 (0) 7894 937 890 (Mob)

Notes:

• 1. The Phoenix Group is the UK's largest specialist consolidator of closed life funds with around 6.5 million policyholders and £71 billion of assets under management.
• 1. Information for shareholders and warrantholders in relation to the delisting has been published on the Phoenix Group's website at http://www.thephoenixgroup.com/investor‐relations/~/media/Files/P/Phoenix‐ Group/PDFs/qa‐delisting.pdf.