Revolutionary Solution from Lockwood Capital Management, Inc. and Phoenix Subsidiary Provides Lifetime Income Regardless of Underlying Account Performance

MALVERN, Pa., March 13, 2008 — Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has introduced Lockwood Investment Strategies Longevity Income Solutions (LIS(2)), a groundbreaking financial solution that wraps a lifetime income guarantee from the PHL Variable Insurance Company, a subsidiary of The Phoenix Companies, Inc. (NYSE: PNX), around an investor's managed account assets. This new offering is a component of Pershing Managed Account Solutions and is offered through Pershing's affiliate, Lockwood Capital Management, Inc. (LCM). The Securities and Exchange Commission declared the registration statement of the income guarantee offered by Phoenix effective March 12, 2008.

LCM has partnered with Phoenix, an innovative provider of life insurance and annuities, which will be the first insurer to offer an income guarantee on top of a managed account. When a client invests in an LCM LIS(2) asset allocation model and adds Phoenix's Guaranteed Retirement Income Solutions(sm) (GRIS), Phoenix will guarantee predictable lifetime income payments regardless of the actual performance, even if the assets are depleted, subject to certain limits. In contrast to traditional annuity products, an investor is able to retain ownership of the assets and will have access to the guaranteed income stream at age 65 or older.

Jim Seuffert, chief executive officer of Pershing Managed Account Solutions, said, "The addition of LIS(2) to our comprehensive platform underscores our commitment to develop and deliver a suite of industry-leading managed account solutions for our customers that can help them meet investors' ongoing needs and grow their businesses. Our LIS(2) offering is designed to enable our customers to provide their clients with an innovative and flexible solution that will assist them in achieving their financial goals."

Dona D. Young, chairman, president and chief executive officer of Phoenix, added, "It's clear we need new ways to help our aging population attain a comfortable and satisfying retirement, and these solutions need to be simple, low cost and flexible. Through this strategic alliance with Lockwood Capital Management, we can apply features of life insurance and annuities to investment products and offer investors a unique approach to guaranteeing an income for life."

Pershing Managed Account Solutions provides introducing broker-dealer firms, investment professionals and independent registered investment advisors with access to a comprehensive suite of managed account solutions and services. It encompasses all of the fee-based advisory services available through the Pershing platform, including Lockwood's turnkey and customized managed account offerings and industry-leading solutions from third-parties via Pershing's Managed Account Network and Managed Account Direct platforms.

Lockwood Capital Management, Inc. is headquartered in Malvern, Pennsylvania, and offers discretionary portfolio management solutions to investors through financial institutions and registered investment advisors. Lockwood Capital Management, Inc. is an SEC registered investment advisor and an affiliate of Pershing LLC.

Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Located in 18 offices worldwide, Pershing is committed to service excellence and to providing dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions and practice management support. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Mellon Corporation. Additional information is available at pershing.com.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.

The Phoenix Companies, Inc. (NYSE: PNX) is a leader in the life insurance industry, with a distinguished record of industry firsts in product design and underwriting. With roots dating to 1851, Phoenix helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company's products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 1999. Phoenix has been recognized for its people-friendly programs by Working Mother magazine, the National Association of Female Executives and The Princeton Review. In 2007, Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit phoenixwm.com.

The GRIS(sm) income guarantee is sold by prospectus and is subject to the terms and conditions described in the prospectus and underlying insurance certificate. You should carefully consider investment objectives, charges, expenses, withdrawal restrictions, and risks before you invest. The prospectus contains this and other important information. Please read the prospectus carefully before investing.

The income guarantee is available for a separate fee in addition to the fees associated with the underlying LCM account. Guarantees are based upon the claims-paying ability of the issuing company.

The income guarantee (form 07GRISGA.2) is issued by PHL Variable Insurance Company (Hartford, CT), and distributed by Phoenix Equity Planning Corporation (Hartford, CT), members of The Phoenix Companies, Inc. PHL Variable Insurance Company is not licensed to conduct business in NY and ME.

The Phoenix Companies, Inc. and Lockwood Capital Management, Inc. are independent of each other.

PHL Variable Insurance Company has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (SEC) for offering of the income guarantee. Before you invest, you should read the prospectus in that registration statement and other documents Phoenix has filed with the SEC for more complete information about Phoenix and this offering. You may get the prospectus and other documents for free by visiting EDGAR on the SEC website at http://www.sec.gov/.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

SEC File No. 333-137802