The Phoenix Holdings Ltd.

Earnings Release • Apr 27, 2009

Interim Management Statement for Liberty Acquisition Holdings (International) Company For the period 1 January to 2009 to 24 April 2009 (the "Interim Period")

Liberty Acquisition Holdings (International) Company (LAHIC) reports a net loss for the Interim Period of €0.13 million, which is stated after charging a share-based payment charge under International Financial Reporting Standard 2 "Share-based payment" of €0.75 million and an interest expense related to ordinary shares subject to possible redemption of €0.35 million. The net profit before the two adjustments is €0.97 million for the Interim Period. The shareholders' equity was €419.1 million (€6.98 per ordinary share) on the last day of the Interim Period.

On 13 February 2008, LAHIC closed its initial public offering ("IPO") of 60,000,000 units with each unit consisting of one ordinary share and one warrant to purchase one ordinary share at a price of €7.00 per ordinary share. All of the units were sold at an offering price of €10.00 per unit and generated gross proceeds of €600.0 million. The ordinary shares issued in the IPO are referred to herein as the "IPO Shares".

LAHIC received net proceeds of approximately €572.3 million from its IPO of units and an additional €8.0 million from a concurrent private offering of 8,000,000 warrants for €1.00 per warrant. Expenses related to the offering totaled approximately €27.7 million (including approximately €9.0 million of deferred underwriting fees). Following the consummation of its IPO, €589.2 million of the net proceeds (including approximately €9.0 million of deferred underwriting fees) were deposited into a trust account. The remaining proceeds of €100,000 were retained by LAHIC for business, legal and accounting due diligence on prospective transactions and continuing general and administrative expenses. Unless and until a business combination is consummated, the proceeds held in the trust account will not be available to LAHIC, except up to €6.0 million from the interest income earned on the trust account may be withdrawn from the trust account by LAHIC to fund its working capital and to pay for business, legal, and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. This limitation on LAHIC's working capital, as well as limitations contained in LAHIC's Second Amended and Restated Memorandum and Articles of Association, will preclude it from making distributions from the trust account and effectively preclude it from declaring and paying dividends. In the event that LAHIC is unable to complete a business combination by 13 February 2010, the balance in the trust account will be distributed to LAHIC's public shareholders.

The net proceeds deposited into the trust account remain on deposit in the trust account and earned approximately €1.2 million of interest for the Interim Period, of which €2.8 million was transferred to LAHIC's operating account. The amount in the trust account on the last day of the Interim Period was approximately €604.4 million. This is approximately €10.1 per ordinary share owned by LAHIC's public shareholders (60,000,000 IPO Shares) eligible to receive the proceeds of the trust account if a business combination is not consummated by 13 February 2010. The Company's underlying assets of its trust account consist of a French treasury bill, a German treasury bill, a Dutch treasury bill and commercial paper issued by the Caisse d'Amortissement de la Dette Sociale, a financial institution owned and directly controlled by the French government.

Being a blank-check company, LAHIC has recorded no revenues from operations to date as it is still looking for targets for its first acquisition. The results are therefore fully attributable to interest accrued on the amount in the trust account.

During the Interim Period, there have been no material events or transactions which have occurred that will impact the financial position of the Company.