The Phoenix Holdings Ltd.

M&A Activity • Jul 23, 2009

Liberty Acquisition Holdings (International) Company announces holdings of Citi

Amsterdam, 23 July 2009. Liberty Acquisition Holdings (International) Company (Euronext: LIAC) (the "Company") announced today that as of 27 June 2009, the record date for the determination of shareholders entitled to vote at the Company's extraordinary general meeting of shareholders ("EGM") to approve the proposed acquisition of Pearl Group Limited and Opal Reassurance Limited (the "Acquisition") and related transactions, it has been advised by Citigroup Global Markets Limited ("Citi") today that various affiliated entities of Citi owned in excess of 5,000,000 ordinary shares of the Company as of such record date. Citi has further advised the Company today that such affiliated entities intend to vote their shares in favor of the Acquisition or abstain from voting at the EGM. Citi was the manager of the Company's initial public offering, and as such, will receive its portion of the €9.0 million deferred underwriting fee payable to the underwriters only if the Company consummates the Acquisition or another business combination.

Liberty Acquisition Holdings (International) Company

Liberty Acquisition Holdings (International) Company is a company created to acquire businesses with principal operations outside North America through a merger, capital stock exchange, share purchase, asset acquisition, reorganization or similar transaction.