Pearl Tier 1 Noteholders

On 22 April, Pearl Group (renamed Phoenix Group Holdings), the UK-based life and pension fund, reached an agreement with the holders of the Pearl Tier 1 Notes for payment of past due coupons and structural improvements to the notes in exchange for a 15% haircut to the nominal amount of the Notes.

Canaccord Genuity acted as independent financial advisor to the Noteholders and, for practical reasons, was mandated by Bingham McCutchen, legal advisor to the Noteholders.