Phoenix Signs Infrastructure Services Agreement with EDS, an HP Company

PLANO, Texas--(Business Wire)--
EDS, an HP (NYSE:HPQ) company, and The Phoenix Companies, Inc. today announced
an agreement under which EDS will continue managing technology infrastructure
and software applications for Phoenix Life Insurance Company, a wholly-owned
subsidiary.

The seven-year, $78 million agreement will enable Phoenix to better serve its
customers. It replaces a previous agreement from 2004. Phoenix`s total
investment in business technology with EDS, including the value of the new
agreement, will be $129 million from January 2009 through 2015.

"EDS has helped us manage and transform our technology to support our business
growth and enhance our insurance services," said John LaGrasse, executive vice
president and chief information officer of The Phoenix Companies. "This new
agreement reflects our changed business needs after last year`s spin-off of
Phoenix`s asset management business and will lower our annual technology
expenses."

EDS will consolidate and manage Phoenix`s midrange server, mainframe and
information storage environments, and manage and monitor the voice and data
communications network that connects Phoenix employees across the United States.

Additionally, EDS will manage the firm`s end-user computing environment with
workplace services that include desktop, security, service desk, messaging
support and on-site services. EDS will deliver each of these services to Phoenix
through EDS Regional Support Centers and will use HP ProLiant servers, HP Compaq
dc7900 Business Desktop PCs and HP Compaq 6530b and 6530s Notebook PCs.

EDS also will provide web application support and maintenance for Phoenix`s
Internet and intranet sites.

"We will help Phoenix improve employee productivity, lower costs, enable
innovative new insurance services and support continued growth," said Mark
DeBenedictus, vice president of U.S. Financial Services Industry at EDS, an HP
company. "As the firm`s trusted business ally for the past four years, we will
continue to leverage our industry expertise and global scale to help Phoenix
meet its business goals."

EDS Agility Alliance partners Microsoft, EMC and Cisco will provide select
tools, technologies, software and resources to EDS in support of Phoenix. EDS
and its Agility Alliance partners collaborate to design, build and run a
globally recognized services platform and develop technology-based services to
deliver client results. EDS Agility Alliance partners include Cisco, EMC,
Microsoft, Oracle, SAP, Sun Microsystems and Xerox.

As a pioneer of technology services for the financial services industry, EDS
provides a wide range of outsourced and consulting services - from payments and
securities processing to applications development, as well as network, customer
relationship management and help desk services - to all sectors of the industry.

About The Phoenix Companies, Inc.

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps its
customers find straightforward solutions to often highly complex personal
financial and business planning needs through life insurance and annuities.
Phoenix`s products are available through a wide variety of third-party financial
professionals and intermediaries, supported by the company`s wholesalers and
financial planning specialists. In 2007, Phoenix had annual revenues of $2.6
billion and total assets of $30.2 billion. For more information, visit
www.phoenixwm.com.

About EDS

EDS, an HP company, is a leading global technology services provider, delivering
business solutions to its clients. EDS founded the information technology
outsourcing industry more than 46 years ago. Today, EDS delivers a broad
portfolio of information technology, applications and business process
outsourcing services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer and retail
industries, and to governments around the world.

About HP

HP, the world`s largest technology company, simplifies the technology experience
for consumers and businesses with a portfolio that spans printing, personal
computing, software, services and IT infrastructure. More information about HP
is available at http://www.hp.com/.

FORWARD-LOOKING STATEMENTS

The Phoenix Companies, Inc.

This news release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 which, by their nature, are
subject to risks and uncertainties. Phoenix intends for these forward-looking
statements to be covered by the safe harbor provisions of the federal securities
laws relating to forward-looking statements. These include statements relating
to trends in, or representing management`s beliefs about, the company`s future
transactions, strategies, operations and financial results, as well as other
statements including words such as "anticipate," "believe," "plan," "estimate,"
"expect," "intend," "may," "should" and other similar expressions.
Forward-looking statements are made based upon Phoenix`s current expectations
and beliefs concerning trends and future developments and their potential
effects on the company. They are not guarantees of future performance. Actual
results may differ materially from those suggested by forward-looking statements
as a result of risks and uncertainties, described herein or in any of the
company`s filings with the SEC. Phoenix undertakes no obligation to update or
revise publicly any forward-looking statement, whether as a result of new
information, future events or otherwise.

Hewlett-Packard Development Company, LP

This news release contains forward-looking statements that involve risks,
uncertainties and assumptions. If such risks or uncertainties materialize or
such assumptions prove incorrect, the results of HP and its consolidated
subsidiaries could differ materially from those expressed or implied by such
forward-looking statements and assumptions. All statements other than statements
of historical fact are statements that could be deemed forward-looking
statements, including but not limited to statements of the plans, strategies and
objectives of management for future operations; any statements concerning
expected development, performance or market share relating to products and
services; anticipated operational and financial results; any statements of
expectation or belief; and any statements of assumptions underlying any of the
foregoing. Risks, uncertainties and assumptions include the execution and
performance of contracts by HP and its customers, suppliers and partners; the
achievement of expected results; and other risks that are described in HP`s
Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2008 and
HP`s other filings with the Securities and Exchange Commission, including but
not limited to HP`s Annual Report on Form 10-K for the fiscal year ended October
31, 2007. HP assumes no obligation and does not intend to update these
forward-looking statements.

EDS and the EDS logo are registered trademarks of Hewlett-Packard Development
Company, LP.

HP is an equal opportunity employer and values the diversity of its people. ©
2009 Hewlett-Packard Development Company, LP.

EDS
Beth Bilal, 707-709-8906
beth.bilal@hp.com
or
Phoenix Companies
Alice Ericson, 860-403-5946
alice.ericson@phoenixwm.com

Copyright Business Wire 2009