19 March 2025

Phoenix Group Holdings plc (the "Company")

Exercise of nil-cost options under the Phoenix Group Holdings plc Long Term Incentive Plan (the "LTIP") and the Deferred Bonus Share Scheme (the "DBSS")

The Company was today informed that on 18 March 2025, the following Persons Discharging Managerial Responsibilities "PDMRs" exercised their nil-cost options over ordinary shares of 10 pence each in the Company under the LTIP's granted on 11 March 2019 (2019 LTIP) and 13 March 2020 (2020 LTIP) respectively and the DBSS granted on 18 March 2022.

LTIP

Vesting of these options was subject to criteria relating to the Company performance over a three-year period to 31 December 2021 (2019 LTIP) and 31 December 2022 (2020 LTIP) and the options were then subject to a two-year holding period. The number of options acquired includes dividend equivalent shares.

Income Tax and Employee National Insurance liabilities were paid on exercise through the sale of shares. All shares were sold.

DBSS

Vesting of these options was subject to a three-year holding period in respect of the deferred bonus for the financial year ended 31 December 2021. The number of options acquired include dividend equivalent shares.

Income Tax and Employee National Insurance liabilities were paid on exercise through the sale of shares. All the shares were sold.

Notification and public disclosure of transactions by a person discharging managerial responsibilities

The Notification of Dealing Forms for each PDMR can be found below. This announcement is made in accordance with Article 19(3) of the UK Markets Abuse Regulation (Regulation (EU) 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018).