The Phoenix Holdings Ltd.

M&A Activity • Jul 24, 2009

Liberty Acquisition Holdings (International) Company announces shareholder approval of the acquisition of Pearl Group Limited and Opal Reassurance Limited

Amsterdam, 24 July 2009. Liberty Acquisition Holdings (International) Company (Euronext: LIAC) (the "Company") announced today that its shareholders have approved all of the proposals in connection with the acquisition by the Company of Pearl Group Limited and Opal Reassurance Limited and related transactions during the Extraordinary General Meeting of Shareholders which was held earlier today. The Company anticipates the acquisition will close by 31 August 2009 (or as promptly as practicable following approval of the acquisition by the FSA) (the "Closing Date"). The Company will announce the Closing Date via a press release at least three trading days in advance of the Closing Date. Upon the consummation of the Acquisition, the Company will change its name to "Pearl Group".

Holders of ordinary shares of the Company that elected to exercise their right to redeem their ordinary shares for cash and electronically transferred their shares to the Euroclear Nederland account of ABN AMRO Bank N.V., trading under the name RBS, will be entitled to receive proceeds from the Company's trust account of approximately €9.93 per ordinary share as promptly as practicable following the Closing Date. Any holder who has submitted its ordinary shares for redemption may sell its ordinary shares or cancel its redemption request prior to the Closing Date. In either case, such holder should contact its bank or broker to have its shares returned and such holder will forfeit the right to redeem such ordinary shares.

Holders of warrants on the Closing Date will have 50% of their warrants outstanding mandatorily redeemed and receive one new ordinary share in Pearl Group for every 10.36705 warrants subject to mandatory redemption. The mandatory redemption will not occur, and the amendments will not be effective, until the Closing Date.

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.