PHOENIX GROUP CAPITAL MARKETS

The Group is a closed life assurance fund consolidator that specialises in the management and acquisition of closed life and pension funds, and operates primarily in the United Kingdom. Measured by total assets, the Group is the largest UK consolidator of closed life assurance funds. The Group has over 6.1 million policyholders and £76 billion of assets held by the Group’s life companies. The Group's core business segment: life assurance (including its management services operations) is referred to as 'Phoenix Life'. The Group has four operating life companies which hold policyholder assets and a distribution business, SunLife.