The Phoenix Holdings Ltd.

M&A Activity • Jul 24, 2009

For immediate release PRESS RELEASE

Liberty Acquisition Holdings (International) Company announces requisite shareholder approval for its acquisition of Pearl Group and requisite public warrant holder approval to amend its warrants

Amsterdam, 23 July 2009. Liberty Acquisition Holdings (International) Company (Euronext: LIAC) (the "Company") announced today that as of 3:00 p.m., Central European Time (the voting and consent deadline), the Company and its tabulation agent had received the requisite shareholder votes and warrant holder consents to approve the acquisition by the Company of Pearl Group Limited and Opal Reassurance Limited (the "Acquisition") and related transactions. As described in the Company's Proxy Statement and Consent Solicitation Statement, dated 3 July 2009, in order to complete the Acquisition, a majority of the Company's public shares must be voted for the Acquisition proposal, provided that (1) holders of not more than 30% of the Company's public shares have not voted against the proposal and elected to have their shares redeemed and (2) the proposed amendments to the Company's warrants must be approved. Sufficient proxies and consents have been received to satisfy those conditions.

The Company's extraordinary general meeting of shareholders ("EGM") will be held tomorrow at 1:00 p.m., Central European Time, to complete the vote on the Acquisition. The Company will release further details after the EGM tomorrow.

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.