The Phoenix Holdings Ltd.

Report Publication Announcement • Nov 17, 2009

Pearl Group

17 November 2009

Pearl Group (the "Company")

SECONDARY LISTING – ADMISSION

Further to its publication of a summary document on 12 November 2009, the Company announces that the ordinary shares of the Company (the "Ordinary Shares") have today been admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange ("LSE") under Chapter 14 of the Listing Rules (the "Secondary Listing").

The Company is not issuing any new shares in connection with the Secondary Listing. The Ordinary Shares are admitted to trading on the Main Market of the LSE under the symbol "PRLG". The Ordinary Shares continue to be admitted to trading on Euronext Amsterdam under the symbol "PEARL".

ENQUIRIES

Media: Andrew Grant, James Bradley, Mal Patel, Tulchan Communications + 44 (0) 20 7353 4200

Investors: Fiona Clutterbuck, Pearl Group + 44 (0) 20 7489 4881