The Phoenix Companies, Inc. Announces Amended Order From SEC Regarding Delayed Filings

The Phoenix Companies, Inc.

today announced it has entered into an agreement with the U.S. Securities and Exchange Commission (“SEC”) to amend a March 21, 2014 administrative order regarding delayed and certain future SEC filings for both the company and its subsidiary, PHL Variable Insurance Company (“PHL Variable”). The amended administrative order, which was approved by the SEC today, provides that the SEC has settled administrative proceedings against the company and PHL Variable instituted pursuant to Section 21C of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). On June 3, 2014, Phoenix announced a revised timetable for its delayed SEC filings that reflected a departure from the schedule that was part of the March 21, 2014 administrative order because it needed additional time to meet its financial reporting obligations based on its experience with completing its 2012 delayed filings. The company filed its 2012 Form 10-K on April 1, 2014 and completed the last of the 2012 parent and subsidiary filing obligations to the SEC and state insurance regulators on May 5, 2014. In the amended administrative order, Phoenix and PHL Variable are committed to meet the filing timetables detailed below, which are consistent with the anticipated filing dates provided in the company's June 3, 2014 announcement. The SEC also imposed additional civil monetary penalties of $100,000 for each entity, and set a formula for additional payments if any filing is not made in accordance with these amended timetables. The additional payment for any filing that does not meet a timetable deadline would be $20,000 per filing for the first week and, for each week or partial week thereafter, the sum of $20,000 plus $5,000 multiplied by the number of full weeks that the filing has already been delinquent. AMENDED FILING TIMETABLE FOR THE PHOENIX COMPANIES, INC. DELAYED REPORTS Date (By No Later Than) Phoenix Filing Aug. 6, 2014 2013 Annual Report on Form 10-K Sept. 10, 2014 First Quarter 2013 Form 10-Q Second Quarter 2013 Form 10-Q Third Quarter 2013 Form 10-Q Oct. 17, 2014 First Quarter 2014 Form 10-Q Oct. 24, 2014 Second Quarter 2014 Form 10-Q Dec. 5, 2014 Third Quarter 2014 Form 10-Q AMENDED FILING TIMETABLE FOR PHL VARIABLE DELAYED REPORTS Date (By No Later Than) PHL Variable Filing Aug. 22, 2014 2013 Annual Report on Form 10-K Sept. 12, 2014 First Quarter 2013 Form 10-Q Second Quarter 2013 Form 10-Q Third Quarter 2013 Form 10-Q Oct. 21, 2014 First Quarter 2014 Form 10-Q Oct. 28, 2014 Second Quarter 2014 Form 10-Q Dec. 12, 2014 Third Quarter 2014 Form 10-Q Except as amended by the most recent administrative order, the March 21, 2014 administrative order remains in effect.