Chairman Statement

Phoenix Group Holdings - Chairman

Phoenix Group Holdings ("Phoenix") announces that Sir Howard Davies, Chairman, has today tendered his resignation from the Phoenix Board effective 31 August 2015 on account of the time commitment required by his impending appointment as Chairman of The Royal Bank of Scotland plc ("RBS") announced by RBS this morning.

Phoenix is commencing the process for the recruitment of his successor as Chairman. Sir Howard will remain engaged as Chairman until his resignation date of 31 August 2015.

Clive Bannister, Chief Executive of Phoenix, said:

"I would like to thank Howard for his outstanding contribution to Phoenix. The Board has benefitted from his considerable expertise and experience as we have successfully transformed the Group. On a more personal note, I would like to state how much I have enjoyed working with Howard and wish him every success in his new role when he leaves us later in the year."

Sir Howard Davies, Chairman of Phoenix, said:

"I have very much enjoyed my time at Phoenix and will look back with real pride at what the business has achieved. Clearly the time commitment at my new role will not make it possible to retain my role at Phoenix and for that reason I am stepping down. I would like to thank the Board and all my colleagues at Phoenix for their support."

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