Phoenix Life Insurance Company Sets Purchase Price for Pending Debt Tender Offer

Business Wire, Dec 8, 2004

HARTFORD, Conn. -- Phoenix Life Insurance Company, a principal operating subsidiary of The Phoenix Companies, Inc. (NYSE:PNX), announced today that it has determined the purchase price to be paid pursuant to its pending tender offer (the "Offer") for any and all of the $175,000,000 aggregate principal amount of its 6.95% Surplus Notes scheduled to mature December 1, 2006 (CUSIP 71907CAB4 and 71907CAA6) (the "Notes"). The Offer commenced on Friday, December 3, 2004 and is scheduled to expire at 12 noon, New York City time, on Friday December 10, 2004 (the "Expiration Time").

The tender offer yield for Notes tendered and accepted will be 3.351%, and was determined as of 2 p.m., New York City time, yesterday by reference to a fixed spread of 0.40% over the yield to maturity of the 2.625% United States Treasury Security due November 15, 2006. Assuming a settlement date of December 15, 2004, the purchase price for each $1,000 in principal amount of the Notes will be $1,067.74, plus accrued and unpaid interest up to, but not including, that date of $2.70 for each $1,000 in principal amount of the Notes, for a total payment of $1,070.45 (rounding up to the nearest cent).

Subject to the conditions of the Offer, the settlement date with respect to all Notes validly tendered and not validly withdrawn before the Expiration Time that are accepted is expected to be December 15, 2004.

The Offer is being made pursuant to the terms and subject to the conditions set forth in the Company's Offer to Purchase, dated December 3, 2004, and the related Letter of Transmittal. Copies of these documents are available from the Information Agent and Tender Agent, Global Bondholder Services, by calling (866) 794 -2200 (US toll-free) or (212) 430-3774. Phoenix Life has also retained Goldman, Sachs & Co. as Dealer Manager for the Offer. Questions about the Offer may be directed to the Credit Liability Management Group of Goldman, Sachs & Co. at (800) 828-3182 (US toll-free).

This news release is not an offer to purchase or a solicitation of an offer to sell with respect to any securities. The Offer is being made solely by the Offer to Purchase, dated December 3, 2004.

The Phoenix Companies, Inc. is a leading manufacturer of life insurance, annuity and asset management products for the accumulation, preservation and transfer of wealth. Through a variety of advisors and financial services firms, The Phoenix Companies provides products and services to affluent and high-net-worth individuals and to institutions. The Phoenix Companies has corporate offices in Hartford, Conn.