The Phoenix Holdings Ltd.

Delisting Announcement • May 31, 2010

Phoenix(Group(Holdings 2(response(to(Press(Speculation

Phoenix#Group#Holdings#notes#the#press#comment#in#respect#of#ongoing#discussions# with#the#holders#of#certain#securities#of#the#Company#("the#Contingent#Rights").

The#Company#wishes#to#state#that#these#discussions#have#not#yet#reached#a# conclusion.

However,#the#Company#can#confirm#that#agreement#with#the#holders#of#the Contingent#Rights#is#needed#for#the#company#to#achieve#its#stated#objective#of#a# Premium#Listing#on#the#London#Stock#Exchange.

The#Company#can#also#confirm#that#discussions#are#at#an#advanced#stage#and#that# the#shape#of#the#proposals#being#discussed#includes#an#exchange#of#the#Contingent# Rights#in#question#at#the#rate#of#around#nine#new#Ordinary#Shares#for#every#ten# shares#that#would#have#been#issued#had#the#Contingent#Rights#crystallized#in#the# normal#way.

Further#details#cannot#be#announced#until#the#discussions#have#been#concluded#and# the#Company#will#make#a#full#announcement#at#that#time.

Enquiries

Investor(Relations	Media
Lorraine#Rees	Daniel#Godfrey
+#44#(0)#20#7489#4456	+#44#(0)#20#7489#4517
+#44#(0)#7872#413 277 (m)	+#44#(0)#7894#937#890#(m)
Fiona#Clutterbuck	Shellie#Wells
+#44#(0)#20#7489#4881	+#44#(0)#20#7489#4461

Notes(for(Editors

• 1. Phoenix#Group#is#the#UK's#largest#consolidator#of#closed#life#funds#with#6.5# million#policyholders#and#£69#billion#of#assets#under#management#as#at#31#March# 2010.
• 1. The#Group's#operating#businesses#delivered#£716#million#of#cash#inflows#to#the# UK#holding#company#and#reported#pro#forma#IFRS#operating#profits#of#£457# million#in#the#year#ending#31st#December#2009.